Income and wealth disparity

The EPF, in the SPI report, has also provided respectable solutions for the current problem and among them is a proper policy to address old-age poverty, which can be improved via an extension to the current retirement age.

THE Employees Provident Fund (EPF) in its annual “Social Protection Insight”, Volume 45, 2021 (SPI) published recently provided a glimpse of the state of the nation as far as income and wealth inequality is concerned.

While the detailed report provided valuable insights into statistics compiled by the EPF as far as members’ savings go, the impact from the withdrawal of RM101bil from the retirement fund is indeed telling and requires a response from the government to ensure we do not end up having a retirement crisis for Malaysians in the future.