Translate
31 October 2021
Only 3% Of Malaysians Can Afford Their Retirement, Says EPF
Only 3 pct of Malaysians can afford their retirement, says EPF
BERNAMA
KUALA LUMPUR, Oct 31 -- The COVID-related withdrawals over the past two years have had a massive impact on the savings of Employees Provident Fund (EPF) contributors, as currently, only three per cent of contributors can afford their retirement.
EPF chief strategy officer Nurhisham Hussein said the COVID-related withdrawals, namely i-Sinar, i-Lestari and i-Citra, resulted in many members below age 55 having critically low EPF savings.
“Even with COVID-19, 80 per cent of Malaysian men and 90 per cent of Malaysian women will reach age 60, while one out of three men and two out of three women will reach age 80.
“We now estimate that only three per cent of Malaysians can afford to retire,” he said at the Perdana Fellow Alumni Association Speaker Series webinar today.
Nurhisham was one of the panellists at the webinar, titled ‘Healthcare in Focus’.
In his presentation, Nurhisham said by the end of this year, 54 per cent of EPF members aged 54 would have less than RM50,000 in their savings account, noting that a majority of those who withdrew their entire EPF savings upon reaching age 55 would use it up within two to three years.
He noted that the withdrawals were allowed due to the extraordinary circumstances.
“We are very sympathetic to the plight of our members and hope that the (withdrawals) had achieved the intended purpose of helping them financially.
“(Moving forward,) the reopening of the economy and the measures announced in Budget 2022 should help relieve the pressure on our members,” he said.
Commenting on the consequences should another round of withdrawal be permitted, he said those who had withdrawn from their EPF savings would now need to work an extra four to six years just to cover the amount that they withdrew over the past two years.
Since it is unlikely that the retirement age will be raised, they would not have enough for their retirement, he said.
Popular Posts - Last 7 days
-
MACC remands ex-CEO, two others for suspected bribery involving RM24 mln Bernama Julai 19, 2022 Three individuals, including the ex-CEO of ...
-
37 individuals remanded in probe into misappropriation of PenjanaKerjaya funds Bernama Julai 15, 2022 MACC today remanded 37 individuals to...
-
Bus driver who chased away passenger Suspended: APAD orders further investigation 06/05/2024 Taking a serious view of the incident, APAD ...
-
Crackhouse Comedy Club splashed with paint Bernama Julai 20, 2022 1 The Crackhouse Comedy Club in Taman Tun Dr Ismail here was splashed wit...
-
AstraZeneca withdraws its COVID-19 vaccine worldwide, months after realizing side effects Agency 08/05/2024 AstraZeneca is recalling its COV...
-
Southeast Asia’s first purpose-built township, KL Wellness City (KLWC), has launched its flagship tertiary hospital through KL Internation...
-
PenjanaKerjaya: CEO, director arrested over misappropriation Bernama Julai 18, 2022 MACC detained a company chief executive officer and di...
-
Jennifer Lopez and Ben Affleck wed in Las Vegas, reports say Reuters Julai 18, 2022 Jennifer Lopez and Ben Affleck attend a special screen...
-
A tree has fallen on several vehicles along Jalan Sultan Ismail in front of Concorde Hotel following a downpour. Members of the public we...
-
Dr Mahathir urged the government to expel Lockheed Martin, BAE Systems from Malaysia Dr Mahathir claimed that Lockheed Martin and BAE Syst...
Popular Posts - Last 30 days
-
‘Alas pintu’ dengan gambar Kaabah sebenarnya sejadah mini - AEON BiG April 13, 2024 Susulan penularan gambar yang mendakwa penjualan ‘alas ...
-
Screenshot of a video shared by the public of the incident at the Kuala Lumpur International Airport (KLIA) Arrival Hall 1 on Sunday. SEPANG...
-
Malaysia detects 3,902 new COVID cases, 8 deaths Melissa Fernando ASTRO AWANi Julai 20, 2022 Malaysia detects 3,902 new COVID cases, 8 de...
-
Coach Maloney and FAM part ways after eight years Bernama Julai 13, 2022 The Football Association of Malaysia (FAM) has released under fir...
-
Saudi says application for 1444 H umrah visa opens from today Bernama Julai 14, 2022 The Ministry of Haj and Umrah of Saudi Arabia has ann...
-
MAN DIES AS HIS BMW I7 CRASHES AND BURNS, WOMAN FRIEND SERIOUSLY INJURED A man died while his woman friend was seriously injured when the ca...
-
King expresses hope for increased investment from Chinese companies in Malaysia Bernama April 12, 2024 His Majesty Sultan Ibrahim presented...
-
MACC remands ex-CEO, two others for suspected bribery involving RM24 mln Bernama Julai 19, 2022 Three individuals, including the ex-CEO of ...
-
Mohd Shuhaily said the suspect had two previous records for threats and another record for stealing and impersonating a civil servant. - BER...
-
37 individuals remanded in probe into misappropriation of PenjanaKerjaya funds Bernama Julai 15, 2022 MACC today remanded 37 individuals to...
Blog Archive
-
►
2023
(3771)
- December (311)
- November (322)
- October (286)
- September (288)
- August (365)
- July (349)
- June (372)
- May (316)
- April (279)
- March (301)
- February (245)
- January (337)
-
►
2022
(4309)
- December (352)
- November (422)
- October (288)
- September (281)
- August (347)
- July (303)
- June (335)
- May (406)
- April (341)
- March (371)
- February (390)
- January (473)
-
▼
2021
(9030)
- December (636)
- November (647)
- October (809)
- September (797)
- August (880)
- July (894)
- June (747)
- May (780)
- April (580)
- March (629)
- February (643)
- January (988)
-
►
2020
(6800)
- December (819)
- November (698)
- October (832)
- September (729)
- August (548)
- July (558)
- June (615)
- May (394)
- April (368)
- March (453)
- February (439)
- January (347)
-
►
2019
(4089)
- December (411)
- November (425)
- October (375)
- September (279)
- August (397)
- July (353)
- June (326)
- May (315)
- April (266)
- March (318)
- February (293)
- January (331)
-
►
2018
(4100)
- December (305)
- November (304)
- October (357)
- September (352)
- August (420)
- July (442)
- June (366)
- May (412)
- April (343)
- March (275)
- February (233)
- January (291)
-
►
2017
(3888)
- December (268)
- November (293)
- October (352)
- September (309)
- August (356)
- July (300)
- June (319)
- May (354)
- April (316)
- March (335)
- February (306)
- January (380)
-
►
2016
(4563)
- December (331)
- November (328)
- October (378)
- September (415)
- August (404)
- July (380)
- June (310)
- May (370)
- April (430)
- March (484)
- February (355)
- January (378)
-
►
2015
(4588)
- December (402)
- November (392)
- October (393)
- September (375)
- August (450)
- July (392)
- June (456)
- May (407)
- April (408)
- March (374)
- February (262)
- January (277)