Ensure M’sians have enough for retirement, EPF urged

PETALING JAYA: The Employees Provident Fund (EPF) should make drastic changes to how it evaluates retirement savings to ensure Malaysians have enough ...

Need to regularly update savings targets to reflect new economic realities such as inflation and rising cost of old-age care: Expert

Niaz said: “Given the annual increase in Malaysia’s cost of living, having RM240,000 in EPF savings by age 55 is grossly inadequate to support an individual for the next 20 to 30 years post-retirement.” Niaz said doing so would ensure that there is relevance between retirement savings and the evolving economic landscape, “as a static savings goal is unrealistic in an environment where inflation and life expectancy continue to rise”.

“The combined factors cause many young Malaysians to face an uphill battle in building a secure financial future during retirement.” Niaz said the low starting salaries for fresh graduates are not new, and are often driven by a mismatch between“This leaves young workers financially vulnerable, often forcing them to live beyond their means to cover basic expenses.”

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