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皇冠现金网app(www.hg8080.vip):Concerns over raising the retirement age

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THE call for Malaysia to increase the retirement age, due to its ageing population and high number of citizens with insufficient savings, has grown louder as the Covid-19 pandemic has further eroded their savings.

There are also suggestions to offer fixed term contracts, incentives for higher contributions towards savings as well as to increase the overall remuneration for employees and improve their financial literacy.

Most Malaysians rely on their Employees Provident Fund (EPF) savings to sustain their expenses after retirement.

The recent withdrawals of RM145bil and reduction by RM10bil in statutory EPF contributions, had resulted in lower savings for the majority of EPF members.

About 6.62 million (52%) of EPF members aged under 55 have savings of less than RM10,000, and 3.2 million members aged under 55 have savings of less than RM1,000.

We need at least RM600,000 to retire after factoring in inflation and among other things, medical bills.

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According to the EPF, only 4% of its members would potentially be able to retire, while the majority of members would have less than that.

Malaysia has a potential “post retirement crisis” when most of its working population will not be ready to retire, said Financial Planning Association of Malaysia vice-president Rafiq Hidayat.

This will spiral to an enlarged “sandwich generation” where younger adults who have just started their own families, would also have to take care of the post-retirement needs of their elderly parents.Malaysia is transitioning into an ageing country, with 7% of its population entering the age of 65 and above; by 2056, about 20% of the population will be in that age category.

Currently, only 45% of people aged between of 55 and 64, are employed.

All these highlight the urgency of raising the retirement age to help low-income individuals rebuild their nest of eggs for retirement; it may not completely solve the problem but it is a step in the right direction, said Ernst & Young Consulting partner, Mohamed Husin.

We now have to work later into our lives as returns on pension funds go below the rate of inflation.This negative real interest rate has become almost a permanent feature as most central banks are reluctant to raise rates in spite of high inflation, said former Inter-Pacific Securities head of research Pong Teng Siew.

It may soon be necessary to employ older workers simply because many of the younger people are reluctant to work in jobs that do not pay well enough; companies also retain older people to act as mentors to their younger employees.

The Malaysian Employers Fed-eration (MEF) finds this is not the right time to increase the statutory retirement age of 60, with the unemployment rate at 3.7% and youth unemployment still high at 10.8%.The previous increase in retirement age from 55 to 60 years, had led to a loss of about a million job opportunities for fresh graduates.

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