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Universal social pension needed to ensure Malaysians have sufficient retirement funds


KUALA LUMPUR: Policy makers should contemplate on creating a universal social pension due to rising concerns that Malaysians may not be saving enough for their retirement.

This is especially true in the case of low-income workers, who, in spite of having saved a portion of their income in the Employees Provident Fund (EPF) throughout their working years, still do not have enough to pull through their retirement years, not to mention the informal and self-employed workers, said University of Malaya’s Director of Social Security Research Centre (SSRC), Professor Datuk Norma Mansor.

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