ABSTRACT
This chapter provides an overview of the formal schemes that have been developed to meet the needs for financial security of Malaysian workers in their old age. It traces the origin and development of schemes such as those administered by the Employees Provident Fund Board and the Social Security Organisation. The chapter briefly discusses the Civil Service Pension Scheme. It discusses issues pertaining to the coverage of these schemes and adequacy of their coverage, as well as the necessity of reviewing the current policy and practice of retiring from public service upon attaining the age of 55. The chapter starts with a brief general description of sources of income for older people in Malaysia. In Malaysia, older people secure income from a number of sources: remittances from working children, savings, private insurance, pension, employment and the state. The basis of the scheme's present day implementation are the Pension Ordinance, 1951 and its amendments contained in the Pension Act, 1980.
