RETIREMENT SCHEME


Name of Presenter :

1) Nabila Aiman Binti Tajjul Ehssan
2) Ain Naziera Binti Hamid

Comments

Post a Comment

Popular posts from this blog

Retirement Planning Issues in Malaysia A majority of Malaysians lack long-term financial planning, and only 40% of them are financially ready for retirement, according to Bank Negara Malaysia (BNM) Deputy Governor Abdul Rasheed Ghaffour, based on BNM's observation on long-term financial planning.   According to AKPK, more than 75% of Malaysians find difficulty saving RM1,000 for emergency needs, with the economic uncertainties and high cost of living. Malaysian should have a greater awareness on the importance of  saving for the future. A survey carried out by the Employees Provident Fund (EPF) IN 2017 showed that household savings in Kuala Lumpur and other big cities as well as in the rural areas, found that over 90 per cent respondents are not having enough saving to retire comfortably.  EPF has  raised the minimum savings target by age 55 from RM197,000 to RM228,000. But only 18% of members have this much, far short of its target of ge...
Read more

THE BANKING AND FINANCIAL INSTITUTIONS ACT, 1989

Introduction   The objective of the Banking & Financial Institutions Act, 1989 (BAFIA) is "to provide new laws for the licensing and regulation of the institutions carrying on banking, finance company, merchant banking, discount house and money-broking business, for the regulation of institutions carrying on certain other financial businesses, and for the matters incidental thereto or connected therewith".BAFIA was introduced to provide for an integrated supervision of the Malaysian financial system and also to provide the Central Bank with the power to speedily investigate and prosecute, if necessary any illegal activities in an attempt o reduce white-collar crime. Scope & Ambit Of The Act   BAFIA came into force on 1st October, 1989, Section 128 of BAFIA provides that the Finance Companies Act, 1969 and the Banking Act, 1973 are repealed from the effective date but, notwithstanding the repeal, all regulations, orders, guidelines, circulars, licenses, approvals iss...
Read more