it will fall into everyone in general ....
it won't be an individual taking on responsibility for the poor later.
Only can hope economy become better and better and country become richer to help the poor retiree later.

Otherwise they will just have to work longer.
Take Singapore for instance. There is a lot of older work force for more simple job ... because cannot afford to retire.

yes

Withdrawal request submitted on 16th 4am, request approved today noon, amount to be credited within 7 days of approval (today).

That’s why retirement age in Malaysia will be increased to 65 but a lot of people especially ktards will make noise thinking they can afford to retire.

For those that are eligible to withdraw a large sum, they are not stupid people. They will use that money to make more money. For those that have not much to withdraw, it don’t make a difference anyway.

This I not sure. Maybe you can check epf website. I submitted my application online and just went to the machine there to do thumbprint Done within 2 mins

You sure about that? Look at this thread. How many are really withdrawing to make more money? How sure are you they are going to make more money instead of suffering losses.

Look, my point is this will affect the future as majority are not financial literate enough to so called make more money and they are withdrawing for YOLO reasons.

For those that are not financially literated, they will yolo also when they have full access at 55. Read how many news ppl used up their epf after just few years from retirement. So it makes no difference if a person is financially illiterated. Some people will just spend like no tomorrow when they have money.

This post has been edited by Super2047: May 18 2024, 01:21 PM

Whether they yolo or not when they retire, it’s up to them but at the minimum they have some money to spend instead of not having enough when retire. It’s also not all who will finish everything as those who finish everything is minorities.

You really don’t see the burden on future generation? When no money after retirement, expect government to help out!

Whether these people withdraw or not, most people couldn't afford to retire at 60 y.o and will need to work until they died.

Then why so many people against raising retirement age to 65?

Ask gomen servants.

What I am saying is, whoever will simply spend money, they will simply spend money, be it now or future. So it makes no difference.

I don’t think so. They might have yolo mentality today but once they have family or near retirement age, I am sure they won’t have the same mentality. People’s mentality change all the time.

Change, is the hardest thing to do for human being, especially on money spending habit. Why the rich is rich, and the poor is poor? It’s their mindset and spending habit.

Weird I did a transfer request on 17/5 still showing 'submitted'.

I did another withdrawal on 18/5 morning, straight today approved....

Mine status approved, but amount not shown in account flexible. hmmm

you mean "initial transfer" approved?
yeah, next-day your A1,A2,A3 balances will be reflected properly.
they batch update balances once/day.

but in the meantime, you can already proceed with "withdrawal".
it will show proper amount.

How to transfer account 2 to 3 ya ?

sama la .. the system gone crazy i think