Ahmad Maslan tells how to achieve RM240,000 EPF savings by age 55
The deputy finance minister gives two solutions for Malaysians who would like to have enough money upon retirement.
EPF finalises initiative for savings balance as backup for bank financing
Malaysian EPF members under the age of 55 can submit an advance notice of Age 50 or Age 55 Withdrawal, provided they have a minimum of RM3,000 in their EPF Account 2.
Lower starting salaries, Covid withdrawals among factors behind low savings, says EPF
It also notes inconsistent contributions and structural wage challenges.
Govt planning savings scheme for foreign workers to ensure they go home after 10 years
Human Resources Minister M Saravanan says one of the conditions will be that their savings can only be withdrawn in their country of origin after this period of time.
EPF says most members at risk of old-age poverty due to Covid-related withdrawals
Some 48% of EPF members below the age of 55 have critically low savings, a 28% increase from before the pandemic.
Pandemic highlights need for personal financial planning
Survey shows Malaysians' financial habits are unchanged despite the pandemic which has underscored the need for financial literacy.
