Risks and Operations Management Seminar

Husaini (first row, centre) with participants

The Faculty of Accountancy and Management (FAM) and the Centre for Sustainable Development and Corporate Social Responsibility in Business (CSDCSR) organised Risks and Operations Management Seminar on 5 February 2018 at Sungai Long Campus.

The seminar aimed to highlight how youth and young working adults can plan their finances to optimise their retirement savings as well as to deliver and discuss various sustainable issues on risks and operations management in the business environment. 

Husaini delivering his talk

The invited keynote speaker was Private Pension Administrator Malaysia (PPA) Chief Executive Officer Husaini Hussin. During his talk, he addressed some issues on the challenges of saving for retirement, the shocking reality of millennia’s spending habits and several concerns about retirement to the audience.

“The three main retirement concerns are adequacy, sufficiency and sustainability. In order to achieve two-thirds of your last drawn salary to fund your retirement, you should start to save one-third of your monthly salary now,” said Husaini. He added, “You should not only have sufficient savings that last for minimum 20 years but also need to take into account the inflation that could work to reduce your purchasing power.”

He mentioned, under TN50 PRS Youth Incentive (TN50 PRS), those who are between the age of 20 and 30 will be given RM1,000 incentive by the government with a minimum contribution of RM1,000 in any PRS fund. The incentive is only available until 31 December 2018, according to him. 

He also gave a clear explanation on the overview, structure and value propositions of PRS, and provided a brief introduction on the types and features of PRS funds offered by the PRS providers, ranging from growth, moderate, or conservative.

“Preparing for retirement should start early,” said Husaini, with his intention to encourage more youths to participate in PRS. He provided tips to the participants on how to get started with PRS and he hoped that, through the event, they could acquaint themselves with the advantages of early retirement planning.

The event also assembled six PRS providers registered with PPA under one roof to raise the awareness and understanding of retirement planning. The participated companies included Affin Hwang Asset Management Berhad, CIMB-Principal Asset Management Berhad, Public Mutual Berhad, Kenanga Investors Berhad, AIA Pension and Asset Management Sdn Bhd and AmFunds Management Berhad. A total contribution of RM8,000 was given out to the participants by the companies through PRS for youth @Campus treats draw, where the lucky participants received complimentary PRS units to open or top up their PRS account. 

The prize-winners receiving mock cheque from the representatives of the companies

In addition to the booths manned by the companies, the seminar also featured academic presentations of five speakers namely Shamini Kandasamy, Raymond Ling Leh Bin, Dr Aye Aye Khin, Salizatul Aizah binti Ibrahim, and Dr Ngoo Yee Ting. The topics covered during the presentation included the effects of tax incentives on environmental behaviours of SMEs and corporation in Malaysia, digital business framework for Malaysian SMEs in today’s digital economy, application of forecasting techniques for rubber economy development, behavioural study on selection of retail Islamic banking products among non-Muslim in Malaysia, and global value chains and SMEs in Malaysia. 

Husaini (left) receiving a token of appreciation from CSDCSR Chairperson Dr Mohammad Falahat