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Issues and Challenges Social Insurance in Malaysia

Author

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  • M.Z.A. Chek

    (Center for Actuarial Studies, Universiti Teknologi MARA, Perak Branch)

  • I.L. Ismail

    (Center for Actuarial Studies, Universiti Teknologi MARA, Perak Branch)

Abstract

Social insurance programmes differ from private insurance in several ways. Firstly, the contributions are normally compulsory and may be made by the insured’s employer, by the state, as well as by the insured himself. Benefits are also not as strictly tied to contributions as is the case with private insurance. For example, to make the programmes serve certain social purposes, some contributors are included among the beneficiaries even though they may not have contributed for the required period of time. Next, benefits may be increased in response to the rising cost of living, which reduce the amount between contributions and benefits. The main objective of this study is to discuss and describe the current issues and challenges of social insurance qualitatively.This method provides an overview of further understanding pertaining to the phenomena faced by Social Security Organisation (SOCSO) as administer social insurance in Malaysia.

Suggested Citation

  • M.Z.A. Chek & I.L. Ismail, 2021. "Issues and Challenges Social Insurance in Malaysia," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 5(4), pages 278-281, April.
    • Handle: RePEc:bcp:journl:v:5:y:2021:i:4:p:278-281
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    References listed on IDEAS

    as
    1. Gruber, Jonathan & Wise, David, 1998. "Social Security and Retirement: An International Comparison," American Economic Review, American Economic Association, vol. 88(2), pages 158-163, May.
    2. Grünewald, Aline, 2014. "Social security around the world: A review of datasets," Working papers of the ZeS 03/2014, University of Bremen, Centre for Social Policy Research (ZeS).
    3. Mitchell, Daniel & Brockett, Patrick & Mendoza-Arriaga, Rafael & Muthuraman, Kumar, 2013. "Modeling and forecasting mortality rates," Insurance: Mathematics and Economics, Elsevier, vol. 52(2), pages 275-285.
    4. Ahmad Nur Azam Ahmad Ridzuan & Mohd Zaki Awang Chek & Nor Mariyah Abdul Ghafar & Abu Bakar Ahmad, 2018. "Developing an Introduction to Actuarial Science MOOC," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 8(1), pages 600-605, January.
    5. chee, lee kum, 1997. "The Malaysian Government Pension Scheme . Whither Its Future Direction?," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 31, pages 87-106.
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    Cited by:

    1. Mohd Zaki Awang Chek & Isma Liana Ismail, 2024. "Understanding Strategic Enhancements for the Coverage, Efficiency, and Sustainability of the Social Security System in Malaysia," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(4), pages 1723-1730, April.
    2. Isma Liana Ismail & Mohd Zaki Awang Chek, 2024. "Reframing Social Protection within Development Paradigms: A Study of Malaysia’s Survivors’ Pension Scheme," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(6), pages 816-825, June.

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