probably raising contribution by Employer and mandatory Employee contribution is way forward.

Instead of raising minimum wage, government should raise EPF contribution first by all.

Incentivize people to save more, probably government offering 1% topup for people with less than 10,000 scheme over the next 5 years with certain condition attached, such as self contribute more than 13%.

Doable.

This post has been edited by Chrono-Trigger: Mar 19 2022, 04:01 PM

Which comes back to the question of low wage in our country.

EPF is not the problem, they are just doing their job as collector and investor.

Problem is low wage.

Hmm, I know of person who just emptied all EPF at 50 and 55 years old, and money all spent for children's expenses.. married la, etc...

I read it's actually quite common that retiree withdraw their savings and binge spending , finishing all money in just few years...


This post has been edited by Chrono-Trigger: Mar 20 2022, 06:00 PM

Yes, which makes me think Singapore CPF system has its merit. Instead of allowing a one lumpsum withdrawal, CPF pays a month "salary" to you to fund your retirement. But many people would resent this as they see this as their money, not government's money.

But like you said, just how many people have the discipline to handle such a big amount of money?

Old age poverty is real, and it not only affect us, but also our children as they need to fund our retirement and forgo their own dreams and plans....

and our society has changed, values have changed. Children cannot be counted to care for their elderly... homeless elderly... would become a very significant problem few decades down the road, if the EPF savings are depleted, and government can no longer fund the welfare (or simply run out of money), expect to see more abandoned old people living on the road....

This post has been edited by Chrono-Trigger: Mar 20 2022, 07:51 PM

I think it has its merit.
Malaysians have very low financial literacy.

60 years with all EPF withdrawn and finished, out of employment, money can only come from children... filial enough to care for them.

become homeless and live on streets and soup kitchen are real possibility

wah, SNES chrono-trigger my era worrr.. secret of the silver blades, ultima

The thought of withdrawing from EPF and not receiving a salary every month is kind of unsettling to me.

But yes 47 is about right age, not too old to enjoy.

After certain age, the body degraded too much and health issue will start to prop up

This post has been edited by Chrono-Trigger: Mar 21 2022, 09:33 AM

why not just put everything in EPF to get 5-6% compounded return?

I leave very minimal in my bank account, but in some ways, I feel a bit poor. Call it negative wealth effect.

wow, you are living off some investment from property rental to fund your day to day expenses?

Foreign currency account with local bank ?

any risk involved? conversion rate? maybe I should inquire about this or start buying singapore reits.

If ASM returns continue to be low, I foresee exodus of funds from PNB to EPF....

no money also how to increase

actually, ringgit falling also makes EPF oversea dollar investments to become higher in ringgit term --> more dividend baaaa

yep..

which makes me think, with Singapore appreciating dollar, won't their Temasek investment also shrinks in SGD value term?

5 million should be enough for 2 persons (husband wife).

If single, probably 2 million is enough with 5% EPF return.

Agreed, especially when one has children.... all money spent on them... unless salary is /K standard of 20-30k/month.

out of 15 million working + retired adults.

that is roughly 0.5% of working adults + retired adults.

But with banks making money, there will more dividends for shareholders, which is given back indirectly to the government - through taxation , dividends payout in ASB and Khazanah and EPF , which go back to the people.

This post has been edited by Chrono-Trigger: Jan 11 2023, 09:41 AM

don't forget to invest in health too yo..

all those millions/billions in account, once kena kanker, no meaning whatsoever

you only give out the good figures during election year or nearing election year.

Maybe to please certain quarters, compromise is to allow dividend declared to be put into new Account 3, where people can withdraw.

it's not ideal with loss of compounding interest , but at least people still have some savings in EPF and they could be "encouraged" to keep their money / or invest more after seeing the benefit of dividend payout.

This post has been edited by Chrono-Trigger: Feb 14 2023, 10:35 AM