As of 2022, there are 15.72 million members in EPF.

In 2020, 5.3 million members took out RM20.8 billion through the i-Lestari programme.

In March 2021, 6.6 million members took out RM58.7bil through i-Sinar.

In July 2021, 5.2 million members took out RM21.4bil through i-Citra.

In 2022, 6.6 million members took out RM44.6bil through the EPF’s special withdrawal programme.

A grand total of RM145 billion of withdrawals was made by 8.1 million members during the Covid-19 pandemic. These repeated withdrawals have now placed the futures of many Malaysians in dire.

51.5% of EPF members now have less than RM10,000 in their accounts. Median savings for all races of EPF members is now RM8,200 in 2022.

Malaysia is now facing a retirement time bomb, with its effects becoming clear in the years to come.

The basic savings target for retirement set by the EPF is RM240,000. Based on the EPF’s calculations last year, only about 4 per cent of Malaysians can afford to retire as of today. It is a reality many Malaysians find hard to swallow.

Depleted funds also face an opportunity cost- lost interest. The average rate of return for members has been around 6% in the last decade. This point is now moot as accounts have been emptied.

Policy makers have called such withdrawals as one of the worst government policies ever. It is "downright irresponsible."

Huge numbers of Malaysians who retire without adequate savings will just mean a higher burden for younger generations of Malaysians. Old age poverty will get worse.

Perikatan Nasional urged the government to allow another one-off withdrawal, and has said there is nothing wrong with another round of withdrawals.

Raising incomes is difficult. With the failure of the government to bring in high-value industries and jobs, the jobs available are generally low-skilled, low cost ones. High value jobs, and educated Malaysians move to Singapore. Raising the retirement age to allow more time to build savings is likely to face opposition.

Sources: The Star, Channel NewsAsia, New Straits Times

Official: BNM announces economic data for Quarter 4, 2023.

The year-on-year economic growth for Quarter 4, 2023 has decreased to 3.0%, indicating that the overall economic growth for the entire year of 2023 is only 3.7%, significantly below the government's budget estimate for 2024 of 4.5% and far lower than the 2017 figure of 5.9%.

Concerningly, the GDP growth rate for December 2023 has dropped to just 1.4% (believed to be the lowest since October 2021 during the pandemic), while the quarter-to-quarter economic growth for Q4 2024 is NEGATIVE 2.1%.

This implies that if the economic growth for Quarter 1, 2024 is also negative compared to Quarter 4, 2023, the country will officially be in an economic downturn (technical recession).

The country's official debt is reported to be RM1,172.5 billion at the end of 2023, reflecting an increase of RM92.9 billion compared to RM1,079.6 billion at the end of 2022.

Professor Paolo Casadio is an economist at HELP University and Professor Geoffrey Williams is an economist and Provost for Research and Innovation at Malaysia University of Science and Technology.

"Among the components of GDP, private consumption contracted by 3% in Q4 in seasonally adjusted terms. This is a staggering 12% decline in annualised terms.

Having declined 0.7% in Q3 there is a technical recession in consumer spending as low incomes hold back consumption. As we predicted, the RM100 e-wallet scheme has not helped and private consumption cannot be considered a pillar of growth for 2024."
https://www.freemalaysiatoday.com/category/...back-to-normal/

Since exports continue to decline, Malaysia is very dependent on consumer spending for our GDP growth. If not for consumer spending last year 2023, we would already be having negative GDP growth.

Since there is no guarantee external sector will recover in 2024, we will continue to depend on consumer spending for this year.

According to BNM figures, our nominal wage growth continues to slump over past two years and has dropped to only 3.3% for services sector and just 2.9% for manufacturing sector.

But both BNM and MOF have forecast that our inflation rate for 2024 will increase to as high as 3.6% (compared to 3.3% in 2022 and 2.5% in 2023) because of all those new taxes, increase in taxes, utilities (electricity, water, Indah Water) price increase and the plan to increase petrol and diesel prices.

"Finance Ministry projects up to 3.6pc of inflation as Putrajaya tightens belt on subsidies in 2024"
https://www.malaymail.com/news/malaysia/202...google_vignette

If this prediction is true then our real wage growth will become negative - which will surely further depress consumer spending.

Since consumer spending is already in technical recession, wouldn't a further decrease in consumer spending this year drive our economy to recession?

Malaysia already registered a negative 2.1% GDP growth on a quarter to quarter basis for Q4 2023, we just need another negative Q on Q GDP growth for Q1 2024 to drop us into technical recession already.

Is Menteri Ekonomi and PMX aware of this situation? Do they even understand?


M’sian Puzzled Over Unsettled House Loan After Paying It For 17 Years,Advised To Recheck The Signed Agreement
weirdkaya.com | February 18, 2024
In many parts of the world, the dream of homeownership often entails decades-long commitments to mortgage payments.
While this avenue provides the opportunity for individuals to secure a place to call their own, it also comes with its share of challenges and risks, as exemplified by a recent viral incident on social media.

17 years of payments and surprises
In a viral post on Facebook, an individual shared their frustration over the seemingly perpetual burden of their housing loan, despite diligently making payments for 17 years.

The individual expressed astonishment at the substantial remaining balance of their loan, despite consistent monthly payments and even withdrawing funds from their Employees Provident Fund (EPF) to aid in repayment.

“The house was bought for RM35,000. Monthly payment of RM200. Been paying for 17 years. Then made a withdrawal from the Employees Provident Fund (EPF) of RM11,000.”

According to the individual’s account, the initial purchase price of the house stood at RM35,000, with a monthly payment of RM200. Over the course of 17 years, this amounted to a significant sum.

“Went to pay off the house again, but when checked at the bank, there was still a lot of remaining balance. If you calculate, it should have been paid off by now. Anyone else experienced this?” the individual shared on Facebook.

Yet, upon attempting to settle the remaining balance, they were confronted with the realisation that a considerable debt still loomed over them.

They also shared a photo showing a piece of paper with the amount 23,271.29, believed to be the remaining balance of their loan.

The post sparked a wave of responses from netizens, with many offering their perspectives on the situation.

Doing the math: What’s really left after 17 Years?
Some engaged in calculations, highlighting the total amount paid over the years, including contributions from the EPF, juxtaposed against the remaining balance.

“RM200 X 12 months X 17 years: RM40,800. Plus EPF RM11,000: RM51,800. RM51,800 plus remaining balance RM23,271: RM75,071.”

The figures painted a stark picture of the financial burden endured by the individual, raising questions about the underlying factors contributing to such predicaments.

‘You signed the agreement, you agreed to it’
One crucial aspect that emerged from the discourse was the role of interest rates in mortgage agreements.

One wrote: “The amount we pay includes interest. We need to see how much interest was agreed upon initially.”

Several commenter stressed the importance of understanding the terms and conditions, particularly regarding interest rates, before entering into loan agreements.

They urged individuals to be vigilant and mindful of the implications of long-term borrowing, advising against overextending oneself beyond financial capabilities.

Another commenter wrote: “If you don’t want high interest, don’t borrow for too long. Do it based on your ability to pay. The details were in the agreement. Why complain about it now? You agreed to it, didn’t you?”

Another commenter chimed in, asking: “You didn’t know about this when you signed the agreement?”

Read also:

https://weirdkaya.com/msian-puzzled-over-un...gned-agreement/

Auction also need to fight, suspect the developer or auction company hired some uncle in the session  to jack up the price.

End up from 333 k to 430 k. Past experience.

speaking of which, recently I offered owner 740k for a 1099 square feet freehold 2+1 serviced residences in PJ postcode 47820, where he intended to sell it for 800k.

He claimed to be selling at loss as SPA price around 850k but looking at his acquisition year 2013~2015, one shouldn't be surprised at the drop in value. The thing is if you get it at all time high, you should be thankful there's still buyer willing to take over. any fall isnt really fall but more like correction to reflect actual market value

i start No.1 on the list

Beware of subsale houses in PJ Section 9, Bukit Gasing there. relatives house sinking like titanic due to soil erosion and atas bukit

they complain to MPPJ for decades. but nothing can be done i guess, over developed area.

Ya man. People buy mobile phone research online until no eye see.
Buy car, one test drive terus sign. 
Buy house, the ahmoi agent smile at you terus sign. WTF man.

the problem with property investment is it's very hard to cut loss if you made a mistake

and managing tenants is an active investment, not passive like what ppl tell you

bought a unit in 2013 at 230k price
now 2024, unit still around 250k
target can get 345k-460k after 10 years
loan also like not moving the principal.

Lokos like bank is laughing the most in poorperty investment, others all kena makan by banker.
but no choice, still need a house.

I know the leverage, but many people will get into problem by leveraging especially now and onwards. Anyway just pray your property is good and you are lucky. Fixing building problem is not cheap.

I know someone who bought a RM1.2 million condo (Jaya One residence), 10 years price barely up 10%. Meanwhile pay interest through the nose and management fees every month ~RM1k.

B1-11-7, Parklane OUG, Jln Puchong
** 950 sf, FREEHOLD, 3R2B1P, Non-Bumi
** Auction Price :🔥😍𝗥𝗠 𝟮𝟵𝟳,𝟬𝟬𝟬😱🔥
** Bank Value : RM 400,000
** Auction Date : 24 Feb 2023

L37-02, Encorp Strand Residences, Kota Damansara
** 2,332 sf, Leasehold, 3R3B2P, Non-Bumi
** Auction Price :🔥😱𝗥𝗠 𝟳𝟰𝟰,𝟬𝟭𝟳😍🔥
** Bank Value : RM 1,400,000
** Auction Date : Mar 2024

17-10, Saville @ D'Lake, Puchong
** 1,566 sf, Leasehold, 3+1R2B2P, Non-Bumi
** Reserved Price : 🔥𝗥𝗠 𝟰𝟬𝟳,𝟬𝟬𝟬🔥
** Bank Value : RM 620,000
** Auction Date : March 2024

A-12-2, La Grande Kiara, Jln Duta Kiara, Mon't Kiara, K.L
** 1,991 sf, FREEHOLD, Non-Bumi, 3+1R3B2P
** Auction Price :🔥😍𝗥𝗠 𝟲𝟭𝟵,𝟮𝟬𝟬😱🔥
** Bank Value : RM 1,100,000
** Auction Date : May 2024

https://www.facebook.com/KLSelangorBestBuyAuction

The only winners are the banks and property developers, so you can play both sides of the game by buying banks stocks

banker is own by jew, clever bunch.
why work hard2, just print money and make law.