PETALING JAYA: The latest report by Khazanah Research Institute (KRI) indicated that over 90 per cent of Employees Provident Fund (EPF) members under ...
The latest report by Khazanah Research Institute indicated that over 90 per cent of Employees Provident Fund members under 30 years of age will not have enough basic savings of RM240,000 by retirement age.
According to estimates by EPF, an individual needs to have a minimum of RM35,000 by age 30 in order to achieve basic retirement savings of RM240,000 by age 55.“This highlights the structural issue of low starting salaries among those beginning to enter the job market as they cannot achieve the basic EPF contribution for retirement,“ it said in its report.
“Although it can be argued that their wages may improve through career progression, there is a compounding effect attributed to low starting salaries, as it typically results in slower wage growth and even increased instances of job mismatches,“ KRI said. The report also highlighted the need to reexamine the RM250,000 savings bracket which has not been revised since 2019, as the target is based on the assumption that the individual would use RM1,000 per month for 20 years.
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