Magazine

Jun 2019

Read the latest edition of AIR and MEIR as an Interactive e-book

Malaysia: Adequacy of retirement savings is a concern

Source: Asia Insurance Review | Dec 2016

A retiree, particularly if he is an urbanite, needs at least MYR1,500 (US$344) monthly to sustain himself, according to Universiti Utara Malaysia Deputy Vice-Chancellor (Research and Innovation) Prof Noor Azizi Ismail.
 
   He said private sector workers should not totally depend on their government-run mandatory Employees Provident Fund (EPF) savings to provide them with a comfortable retirement, reported Bernama.
 
   According to EPF last May, only 22% of the 6.7 million active contributors, aged 54 years, had at least MYRM196,800 in their accounts, which worked out to about MYR820 monthly during retirement. Prof Noor Azizi described the statistics as worrying, particularly with regard to healthcare costs.
 
   “Those with insurance may not have a problem, but I know there are many who do not have health insurance, particularly, lower income employees,” he said.
 
| Print | Share

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.