Earlier it's about gold investment talk... Before that... I think about post retirement something & healthcare

you can buy insurance under KWSP under i-lindung (deduct money for your KWSP acc). it has life insurance and critical illness upto 200k and the premium is affordable.

not sure this consider run topic

This post has been edited by xiaoxiaoshen: Jun 26 2023, 12:04 PM

huh?

got such thing...

seriously didn't even know it's existence...

this the problem of EPF.... lack of marketing... and to inform people on what offered by EPF.... their staff should go all out & promo....

Definitely related to EPF, so it is on topic.

My fault... the insurance I mentioned is medical coverage insurance, as I was criticizing DAP's proposal of EPF paying some silly % to cover hospital cost, regardless of whether EPF members are using the hospital services or not.

I did see the i-lindung a while back, but imho, life insurance and critical illness are only useful for those from young family where the said person didn't have a chance to accumulate wealth yet.

Expect this number to be high 👏

Nothing to do with EPF 🤦‍♀️ the lack of promotion due to the govt running this policy and not putting any effort for it to get ppl to pick it up with help of insurers

EPF CEO : Only 18 per cent to have RM1,000 a month for 20 years post-retirement

"Indeed, the inadequacy of retirement savings is worrying, as it highlights deep-rooted contributing factors. To compound matters is the blend of other multiple factors such as a low wage structure, misalignment between full withdrawal age and retirement age, inconsistent contributions and under-employment, as well as a low rate of financial literacy," Amir said in his opening remarks at the International Social Wellbeing Conference 2023 (ISWC 2023) today"

"As the EPF's membership now reaching a large network of 15.8 million members, we strive to implement long-term strategies to create a positive impact and foster wellbeing," said Amir Hamzah.

With only 56 per cent of Malaysia's 16.7 million labour force having some form of formal social protection coverage, the EPF has deployed mobile units to reach out to seven million people in the informal sector and self-employed, who could become an EPF member.

Besides that, the EPF he said is also exploring various other approaches to enhance the national pensions and retirement landscape. This includes a basic income drawdown option to strengthen its decumulation offerings to provide members with an additional source of retirement income.


https://www.nst.com.my/business/2023/07/927...post-retirement

We will get pension scheme soon👍

https://www.msn.com/en-my/news/national/epf...ddaf312ee&ei=17

UALA LUMPUR - The Employees' Provident Fund (EPF) is considering making regular or monthly withdrawals mandatory for contributors reaching the retirement age of 55.

EPF CEO Datuk Seri Amir Hamzah Azizan said the regular or monthly withdrawals were currently done voluntarily.

He said it was due to it being seen as providing individuals a better chance at managing their retirement funds.

At the same time, he said the withdrawals also gave the opportunity for the contributors to receive yearly dividends with the remaining savings they had.


“We do provide a choice of withdrawals for all EPF members who reached the age of retirement be it in full or partial.

“However, not many opted for monthly withdrawal and this provides space for us to promote it more,” he told reporters during the 2023 International Social Welfare Conference, today.

However, Amir said more reserach and discussions are needed with the government.

“For the time being our focus is to encourage members to have a savings account with the schemes available,” he said.

Up to March 2023, EPF recorded 116,423 new registrations bringing the total EPF members to 15.8 million.

Of the total 8.45 million were active, representing 50 per cent of the 16.81 million Malaysian labour force.

Here it comes...

First don't allow fully withdraw at age 55, then increase retirement age to 65.

Soon we will see the T5 start their lump sum withdrawals. MYR200 billion worth of withdrawals?

Where does it say you cannot fully withdraw at 55?

What do you think he was trying to say?

If it was so easy to be able to "lock" the age 55 epf funds, ....they would not hv implemented the EMAS accounts.

It's not easy, but EPF is considering it now.

They had not considered it previously before implementing EMAS account?
The political climates at that time are more conducive than now.

They may say "consider" or "Study", but in reality...

I think he is saying retirees are not taking out their money in regular monthly intervals. Suka-suka take out any amount and any time they wish. They want to promote to them to take out on a regular basis. But why I dont know. Why bother what people do or how they do it.

I don't know. Did they publicly say that they were considering it before implementing EMAS account previously?

"The Employees' Provident Fund (EPF) is considering making regular or monthly withdrawals mandatory for contributors reaching the retirement age of 55."

You really think they will do that implementation of EMAS account, without first studying it?

This post has been edited by MUM: Jul 6 2023, 10:31 AM

yalah means they want to force you to take out on a montly basis. I dont think they are saying you cant take out in one lump sum. but why?
anyway, our news reporter listen and write only. They got no brains to ask questions and this is they type of reporting we get