SHAH ALAM: Most Malaysians do not have enough savings for their retirement, with only 33% of active Employee Provident Fund members having recorded basic savings of RM240,000 as of last year, says the EPF chief executive officer.
Ahmad Zulqarnain said the data showed that the number of people aged between 41 and 50 who had achieved their basic savings was higher than those aged between 51 and 55, who are closer to retirement age. “Members can even send instructions to EPF to withdraw their money monthly as opposed to a lump sum,” he said.
“The nature of work is changing due to technology, the low cost of communications, and lessons that we have learned from the pandemic. He cited research showing that by 2040, 33% of employment in Malaysia was projected to be in the informal category.
Retirement Savings Ahmad Zulqarnain Onn Financial Performance Review Epf Dividends
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