WHEN workers were allowed to withdraw money from their Employees’ Provident Fund (EPF) savings to sustain themselves during the Covid-19 pandemic, it resulted in only about 3% of them now having adequate savings to be able to afford to retire.
The indisputable fact is that Malaysia’s working population will be largely stranded without enough savings – or any whatsoever – post retirement. Given that we are fast becoming an ageing society, coupled with the fact that those who are ageing don’t have sufficient post-retirement savings, our nation may well be heading towards a future of growing poverty.
