Majority of under 30s fall short of minimum EPF savings

(Reuters) -Alphabet plans to invest $3.3 billion in South Carolina to build two new data centers, CEO Sundar Pichai said on Thursday.

PETALING JAYA: Over 90% of Employees Provident Fund members under 30 lack adequate basic savings for retirement, according to the Khazanah Research Institute .

“Using this metric, the data shows that over 90% of members under 30 do not have enough basic savings of RM240,000 by retirement age,” the report said. Additionally, the pandemic from 2019 to 2022 significantly impacted EPF savings for those in the 30-54 age group, particularly due to relief programmes such as i-Lestari, i-Sinar, i-Citra and the 2022 Pengeluaran Khas that allowed partial withdrawals.

“This trend highlights the increasing vulnerability of lower-income individuals, risking inadequate savings for future emergencies or retirement,” it said. Additionally, targeted interventions, such as strengthening wage policies with higher minimum wages, improved wage transparency, and better wage-setting mechanisms, are essential for addressing the structural issue of wage stagnation in Malaysia.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

staronline /  🏆 4. in MY

Retirement Khazanah Research Institute

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

[VIDEO] EPF Reminds Malaysians To Be Financially Literate With Touching Short FilmThe video was created in conjunction with Hari Kebangsaan and Malaysia Day.
Read more »

90% EPF members under 30 estimated to be short of basic savings for retirementPETALING JAYA: The latest report by Khazanah Research Institute (KRI) indicated that over 90 per cent of Employees Provident Fund (EPF) members under ...
Read more »

40 out of 100 M’sians do not have retirement coverageAhmad Zulqarnain shared that EPF was currently offering programmes to encourage more Malaysians to open EPF accounts.
Read more »

635 company director found not contributing to employees’ EPFThey have been barred from leaving Malaysia.
Read more »

Over 600 company directors stopped from leaving Msia due to unpaid EPF contributionsBANGKOK: At least six people have died and more than 20 have been hospitalised in Thailand after drinking methanol-laced bootleg alcohol, authorities said on Wednesday (Aug 28).
Read more »

‘No you can’t leave the country’: Unpaid EPF contributions ground 635 company directorsKUALA LUMPUR, Aug 28 — Employees Provident Fund (EPF) has submitted names of 635 company directors to the Immigration Department between January and June 2024 to be barred from...
Read more »