{"id":11630,"date":"2021-09-21T13:03:02","date_gmt":"2021-09-21T05:03:02","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=11630"},"modified":"2021-09-21T13:03:04","modified_gmt":"2021-09-21T05:03:04","slug":"private-retirement-scheme-needs-further-development-improvements","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=11630","title":{"rendered":"Private Retirement Scheme needs further development, improvements"},"content":{"rendered":"\n

KUALA LUMPUR, Sept 21 —\u00a0Malaysia’s existing voluntary privately funded pension segment,\u00a0the Private Retirement Scheme (PRS), needs to be further developed\u00a0and improved\u00a0to achieve the World Bank’s five-pillar pension\u00a0policy framework, said Finance\u00a0Minister\u00a0Tengku\u00a0Datuk Seri\u00a0Zafrul Abdul Aziz.<\/p>\n\n\n\n

He said the capital market must play its role in achieving the objectives under the framework, which aims to protect the risk of poverty in old age and address pension adequacy during retirement years.<\/p>\n\n\n\n

\u201cAs our nation recovers, it is important to ensure that growth is sufficiently diversified and all Malaysians are able to partake in and enjoy that growth.<\/p>\n\n\n\n

\u201cThis comes at a time when\u00a0more people will have to rebuild and secure their retirement savings, especially as our nation shifts towards an aging society,\u201d he said in his keynote address at the launch of the Capital Market Masterplan 3 (2021\u20132025) here today.<\/p>\n\n\n\n

The World Bank\u2019s five-pillar framework is a\u00a0conceptual overview of national pension systems around the world. It\u00a0defines\u00a0a\u00a0range of design elements to determine the pension system modalities and\u00a0options that should be considered.<\/p>\n\n\n\n

\"retirement\"<\/figure><\/div>\n\n\n\n

On other development, Tengku Zafrul said Malaysia is committed to accelerate the transition to a greener economy and promote the nation\u2019s socio-economic development.<\/p>\n\n\n\n

He said as more businesses define their net-zero emission target, there would be a need for large investments to be directed towards carbon capture and energy-efficient technologies to reduce greenhouse gases.<\/p>\n\n\n\n

As such, capital markets must play their role in mobilizing capital to enable such transition, he said.<\/p>\n\n\n\n

Tengku Zafrul also said\u00a0the corporates must adapt to embrace this agenda\u00a0or risk being left behind — not only by investors, but also by financial institutions and the broader supply chain which has increasingly emphasized environmental, social, and governance (ESG).<\/p>\n\n\n\n

\u201cOur strengths within the Islamic capital market segment will also complement the growing demand for such investments.<\/p>\n\n\n\n

\u201cDue to the commonalities between ESG and Shariah values, this gives us a unique value proposition to chart the path forward on sustainability and Islamic social finance,\u201d he said.<\/p>\n\n\n\n

Moving forward, to\u00a0achieve\u00a0more domestic and foreign investments, it is important to instill greater confidence in the country\u2019s capital market where improvements in corporate governance standards would\u00a0continue to shape the integrity of the corporates, the finance minister\u00a0said.<\/p>\n\n\n\n

This includes the emphasis towards greater accountability to stakeholders that goes beyond short-term profitability, he pointed out.<\/p>\n\n\n\n

— BERNAMA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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