Description
The CoVid-19 lockdowns brought out a terrifyingly dangerous picture: a huge amount, around RM150 billion was withdrawn from Malaysia’s principal retirement fund, the Employee’s Provident Fund (EPF). That was around 15% of the fund value. the money was needed by Malaysians having to provide for themselves as the lockdowns saw company closures and loss of livelihoods. They did so at the future cost of a proper retirement.
Aside from having an ageing population, Malaysia has no State Pension. How many millions are in danger of poverty and hunger in their golden years? Is this the future they have to look forward to? We look at whether Malaysia can do without a State Pension instituted, and what it really means, based on the numbers available.
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