But they are also forcing the retirees to delay their retirement. The pension system does not have enough to cater to their retirement. So in effect the system is failing. They do contribute to their pension funds too. Much like EPF.

sort of inline with this...
"42.7% of adult Malaysians with wealth between US$10,000 and US$100,000, and 53.4% with wealth under US$10,000.

The remainder 3.7% was placed in the US$100,000 to US$1 million wealth band. "
https://themalaysianreserve.com/2019/10/22/...wealth-bracket/

as time grows and as our starting pay is increasing,.....things may change....but then by that time...RM1mil buying power of later then may not be as the same as previously.
(my first work starting pay was Rm20 per day, (thus EPF less)....now the staring pay of same job RM100 per day (thus EPF more)

My point is that they have an additional level of income protection other than a fund contribution type system like epf. We dont have any.

Of course this pension system has its own problems and is underfunded right now, esp due to low interest rates. But their govt will just print money later when it becomes due.

Yes. But they do contribute to the pension funds much like EPF.
Only difference is they are paid annuity, not lump sum like ours. So essentially same thing.
No. The funds have to generate their own returns in a perfect world.
Thats the reason the retirement age is deferred. Low return of investment.

https://themalaysianreserve.com/2019/10/22/...wealth-bracket/

"Less than 1% of M’sians in US$1m wealth bracket" -

I'm 56 now, after working for 31 years. I don't have USD 1 mil (= RM4.25 mil ) saving too.

i belong to the >1% population...

Don't worry, maybe new PN gov can take us back to pre 1997 where currency USD VS RM is only 1 : 2.5, by then you will be included into top 1% again. For me, I've only have 3 years 10 months to retirement, As long, I stay put in Malaysia. I don't need to work hard to achieve USD 1 mil, just USD 0.5 mil to 0.6 mil is good enough for me.

During such trying times, a person such at your seniority, still gainfully employed, able bodied n of positive mindset is already worth more than usd 1 million.

A person just need so much money to live, anything beyond that is just to show off.

EPF announces additional platforms for i-Invest

KUALA LUMPUR (June 23): The Employees Provident Fund (EPF) has connected five additional platforms from six fund management institutions (FMIs) to the EPF’s self-service online investment facility i-Invest to enhance flexibility of online transactions for the EPF's Members Investment Scheme (MIS).

In a statement today, the EPF said the platforms are from Affin Hwang Asset Management Bhd, Kenanga Investors Bhd, RHB Asset Management Sdn Bhd, which shares its platform with RHB Islamic International Asset Management Bhd, Hong Leong Asset Management Bhd and TA Investment Management Bhd.

https://www.theedgemarkets.com/article/epf-...atforms-iinvest

Good news, maybe time to transfer some to bond or sukuk and wait for the right moment to switch to equity based unit trust

Agreed, Perhaps god treated me little better than others. Whether how much money to live is very subjective and it depends on individual lifestyle and needs. I can happily live with RM5K-6K per month but others may not.

https://www.thestar.com.my/news/nation/2020...stion-says-fund

Any thoughts on this?

Just read the headlines, one of the major consideration is mandatory retirement age. Both have to go in tandem.

Revisiting the perfect solution fallacy.

nothing serious to think about....
just a simple came to mind reasons that lead me to not seriously think about it are
current political situation, pass actions done on this KWSP saving/retirement withdrawal issue, current unemployment situation, race and party survival issue....that are just some of it.
thus no issue to think about.

I’ve been treating EPF as a savings account but changes to the age would definitely make me rethink that. The big issue is that 55 is young and most retirees have very little in EPF.

Most of the retirees that has little in epf may have started their working lifes at a much lower pay value than yours... Lower pay lower epf value contributed

Just example, in 1980, the pay of a production operator in a factory starts from RM180 pm

This post has been edited by yklooi: Jun 27 2020, 09:07 AM

That time 180 buying power is much more that today 1000
That the problem if keep money inside EPF it's not able to fight inflaction

He mentioned retirees have very little in epf... Not so much abt value in epf can beat inflation....

Hi guys.. Wondering doe anyone know what is happening with our EPF Dividend now ? Seems like no updates/news until now .. Are they avoiding and staying low profile, cause no dividend this year due to current situation?

Epf dividend is not a once a year thing that usually declared in feb/Mar?