Decision support system to assist selection of retirement scheme in Malaysia

Lim, Mei Ling (2007) Decision support system to assist selection of retirement scheme in Malaysia. University Malaysia Sabah. (Unpublished)

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Abstract

In Malaysia, civil servants will have a choice to choose between two retirement schemes namely Public Sector Pension Scheme and Employee's Provident Fund. However, there is confusion to most civil servants on which retirement scheme is the best for them. This study compares the two retirement scheme and develops a Decision Support System particularly designed for civil servants Grade DS45, DS52, DS54, VK7, VK6 and VK5 in deciding the best retirement scheme. This study is focused on the basic financial benefits of both schemes and promotions are assumed according to rank one in the Matrix Salary Table. All retirements are assumed due to old age and forecast values that are used in calculations are based on assumption. The main considerations when recommending which scheme is suitable, the system is dependent upon certain factors such as assumptions on promotions, medical background, spouse's retirement scheme, and life expectancy rate. Since the decision depends on many variables, a Decision Support System is developed to assist in the process of making decision. Decision Support System is able to illustrate the financial benefits for Public Sector Pension Scheme and Employees Provident Fund in assisting the user in decision making. It is also able to advise which scheme is more financially feasible during retirement. This study concludes that both schemes are beneficial since the selection of the retirement schemes are dependent on factors that are considered in this study and other regulating factors that can affects the calculation of each individual scheme. Further studies can be performed with the addition of housing withdrawals and education withdrawals before retirement, spouse's income profile, and the number of family members in the households to increase the accuracy of this study.

Item Type: Academic Exercise
Uncontrolled Keywords: retirement scheme, Public Sector Pension Scheme, Employee's Provident Fund, Decision Support System, civil servant
Subjects: Q Science > QA Mathematics
Divisions: SCHOOL > School of Science and Technology
Depositing User: MDM SITI AZIZAH IDRIS
Date Deposited: 20 May 2014 03:08
Last Modified: 13 Oct 2017 04:12
URI: http://eprints.ums.edu.my/id/eprint/9059

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