Connect with us

Social Stories

KWSP: Over 5 Million Malaysians Have Less Than RM10k In Savings


2 003 1
Source: MOF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

The Employee Provident Fund or EPF, has recently expressed concern over the fact that 46% (5.8 million) EPF members below the age of 55, have less than RM10,000 in their accounts.

In a statement released by EPF CEO Datuk Seri Amir Hamzah Azizan, the pandemic has led to a significant drop in the percentage of members meeting the basic savings threshold of RM240,000 at the age of 55.

2 001

“The pandemic also triggered a dramatic rise in the number of gig workers in the country.”

“While this have helped workers to survive, they are falling back on their retirement security due to irregular and unstable income.”

So what would this mean for Malaysians who do not have a stable income?

2 002

Here is what Amir Hamzah suggests: “The key element of the retirement fund’s strategy going forward is to get gig workers, and those in the informal sectors into the EPF scheme. 

“This will help them to start saving as early as possible and plan for their retirement.”

What if we don’t start saving?

“There will be far-reaching repercussions for their future well-being.”

You can revisit and understand the risk of your future well-being by visiting www.kwsp.gov.my. It is better to know what you are up against, than leaving it up to chance.


Also read: Students From A Local Private University Start Petition After Deepavali Break Was Allegedly Cut From 1 Week To 1 Day

1 001 2

Source: Twitter

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Just In

Collage 8 Collage 8
News19 hours ago

“At least 10% of down payment” – No More Full Loan Schemes for Car Purchases Starting August 2024

If you plan to buy a car, you might want to save up. However, full loan schemes for car purchases...

Lrt In Tioman Waters Lrt In Tioman Waters
News1 day ago

LRT Coaches Submerged in Tioman Waters to Act as an Artificial Reef

We thought we could only see LRTs in KL, but it turns out you can also see them in Tioman...

Collage 7 1 Collage 7 1
News1 day ago

BREAKING: Donald Trump Almost Killed During Rally in Assassination Attempt, 1 Killed & 2 Injured

An assassination attempt against the former US President, Donald Trump, took place during a rally in Pennsylvania, killing 1 innocent...

Missing Rm2 Mil Missing Rm2 Mil
News2 days ago

RM2 Mil Disappearance From Bank Accounts: PDRM to Continue Probe After Death of Prime Suspect

It is certainly alarming when a large amount of your money has gone missing from your bank account. Recently, a...

Feat Image Kl Student Feat Image Kl Student
News3 days ago

Study: Kuala Lumpur is the 6th Most Student-Friendly City in Asia, While Subang Jaya Ranked 27th

Previously, we shared how Malaysia has the 9th most number of universities in Asia with 351 higher learning institutes, though...

Collage 26 Collage 26
News3 days ago

Study: Malaysia Ranks 16th Among the Top 30 Largest Economies in the World by 2075

Malaysia has seen major economic growth and change throughout the years. This shift has helped Malaysia become a key player...

Collage 32 Collage 32
News3 days ago

M’sian Student Goes Missing After Passing Rented Car to Customer, Tracker Shows Her in Different States

In recent disheartening news, a female student from a university in Perak has been missing since 8am on July 10th...

My Post 1 2024 07 11T155246.805 My Post 1 2024 07 11T155246.805
News4 days ago

Education Minister: Bumiputera Students Enrollment into SJKC has Increased to 18.52%

It appears that more Bumiputera students are being enrolled into SJKC schools, as revealed by the Education Minister Fadhlina Sidek....


Latest Videos