Posted by Tobby > 2022-01-31 06:35 | Report Abuse

Now, Zafrul made it clear! 6 millions of EPF contributors will retire with only 10k! Will that be enough for them for the next 20 years of their remaining lives!
So, okay, you earn 10k a month! And you retire with 500k in your EPF! Great retirement right! Wrong! Because that means, for the next 20 years of your remaining years, you need to spend only 2k a month! Will 2k every month enough for you since you are so used to spend 10k a month!
Be mindful inflation will continue to escalate in coming decades! And yeah, the enlightens already planning to make our lives miserable by spiking inflation globally! Welcome to new era where the enlightens tinker with direction of humanity!
So coming back to EPF, half of EPF contributors will only save 10k as their retirement benefit! Meaning half of working malaysians in public sector will face very bleak retirement!

Posted by Tobby > 2022-01-31 06:41 | Report Abuse

Malaysians are not financially literate! For malays, it's even worst as they are indoctrinated to invest in afterlife! As for local chinese, we are indoctrinated on investing for our future! I don't know about the bumis though! For indians, they are at bottom of the barrel!
Anyway, what i am trying to say is, Malaysia will face aging crisis! Eventually, government of the day will go dutch!
What does this means! Meaning government of the day, maybe 10 years from now will have to impose like 20% to 50% GST to avert this nightmare of so many malaysian retirees who are broke!

Posted by Tobby > 2022-01-31 06:42 | Report Abuse

Since our oil reserve will be totally dry up in 14 years time, i think it's safe to say Malaysia will be Asean poorest nation!

Posted by Sslee > 2022-01-31 06:47 | Report Abuse

I am grateful that I'm still earning a monthly income at the age of 61.

Posted by Tobby > 2022-01-31 06:50 | Report Abuse

SsLee! Continue working as long as you can! Don't retire! You can't afford it! Even those earning 10k a month will have to accept 2k monthly retirement cap from their 500k savings! And inflation will bite even more!

Posted by Tobby > 2022-01-31 06:51 | Report Abuse

I find pity for current generation! Minimum salary remain at 1.5k! I mean, that's like the same basic salary for degree holders 20 years ago!
And how much can they save! Nothing! If one work 20 years with 1.5k, meaning they only have like 20k in their EPF! Sad!

Posted by king36 > 2022-01-31 07:06 | Report Abuse

Good that you bring this one up now?
What can we do? Its a BIG task to change!
SsLee, you are lucky u r still working but nature will its toll on you and u will have physical weakness, vision impairment.... as time goes by and you will not be able to work like u r now. So do plan forward...


Posted by Tobby > Jan 31, 2022 6:51 AM | Report Abuse

I find pity for current generation! Minimum salary remain at 1.5k! I mean, that's like the same basic salary for degree holders 20 years ago!
And how much can they save! Nothing! If one work 20 years with 1.5k, meaning they only have like 20k in their EPF! Sad!