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One and a Half Cheers for Provident Funds in Malaysia and Singapore

In: Transforming the Developmental Welfare State in East Asia

Author

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  • M Ramesh

Abstract

Malaysia and Singapore have had provident funds (PF) since long before the `individual retirement savings account’ (IRSA) became popular in policy dis-cussions following the publication of the World Bank’s Averting the Old Age Crisis (1994). The PF is similar to the IRSA in every respect except that it is centrally managed by the government rather than by private managers. Otherwise, both are compulsory defined contribution arrangements which specify the level of contribution rather than the benefits more typical of social insurance arrangements. Both are also fully funded in the sense that members’ benefit is equal to the balance in their personal account, imposing no actual or accrued liability on the government. The distinction is not firm in practice, however, as the Mandatory Provident Fund (MPF) launched in 2000 in Hong Kong is an IRSA in all but the name.

Suggested Citation

  • M Ramesh, 2005. "One and a Half Cheers for Provident Funds in Malaysia and Singapore," Social Policy in a Development Context, in: Huck-ju Kwon (ed.), Transforming the Developmental Welfare State in East Asia, chapter 8, pages 191-208, Palgrave Macmillan.
    • Handle: RePEc:pal:sopchp:978-0-230-52366-1_9
    DOI: 10.1057/9780230523661_9
    as

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