The Social Security Research Centre (SSRC) was established in March 2011 at the Faculty of Economics and Administration (FEA), University of Malaya to initiate and carry out research, teaching and dissemination of evidence-based knowledge in the area of social security, including old age financial protection aimed at enhancing the understanding of this critical topic to promote economic development and social cohesion in Malaysia.
To support research in social security in general and old-age financial protection in particular the Employees Provident Fund (EPF) of Malaysia has graciously provided an endowment fund to create the nation’s first endowed Chair in Old Age Financial Protection (OAFPC) at University of Malaya. OAFPC has the over-riding objectives to help formulate policies to promote better social security and improve old age financial protection, and to help formulate policies to promote economic growth in an aging society for consideration by the Government of Malaysia.
The interest in social security and old-age financial protection is ever growing in view of an ageing population. Malaysia is also subjected to rising life expectancy and falling fertility rates, the perceived inadequacy of current social security provisions, coupled with the added fear that simply by spending more may not be conducive to the development and growth objectives of the society. This calls for innovative policy solutions that may be inspired by international experience based on an empirical grounding in national data and analysis.
Old Age Financial Protection Chair
The Old Age Financial Protection Chair (“the Chair”) is established at the University of Malaya (“UM”) through an endowment fund from Employees Provident Fund (EPF).
A Memorandum of Agreement (MOA) and a Trust Deed were signed upon the establishment of the Chair on 25 August 2008. In general, the main objective of the Chair is to conduct policy research regarding social security issues and pension reforms.
The Chair was initially under the purview of Faculty of Business and Accountancy, UM but was subsequently transferred to the Faculty of Economics and Administration, UM in 2011.