KUALA LUMPUR, Oct 29 — Malaysians’ inadequate retirement savings in the Employees Provident Fund — which was further hit with pre-retirement withdrawals to cope with the financial impact of Covid-19 — could be a ticking “time bomb” for the ageing nation, a report suggested., EPF chief strategy officer Nurhisham Hussein said it is a reality that there are EPF contributors who become poor even before they retire.
CNA reported that EPF itself had investment assets totalling more than RM1 trillion at the end of last year.CNA, around 30 per cent of EPF members were in February 2021 reported to have almost emptied their whole savings in Account 1 , and that over half of EPF members aged below 55 had less than RM10,000 in EPF savings.
Nurhisham said Malaysia will be going from an ageing to aged to super-aged country within “a short span of 50 years”. Using international definitions of aging society based on the age group 65 and above, the World Bank in 2020 said Malaysia is already an “aging society” as of 2020 as over seven per cent of the population would be aged 65 and above, and that the country would be an “aged society” by 2044 and “super-aged society” by 2056 when that age group hits 14 per cent and over 20 per cent of the population.
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