KUALA LUMPUR: The COVID-related withdrawals over the past two years have had a massive impact on the savings of Employees Provident Fund (EPF) contributors, as currently, only three per cent of contributors can afford their retirement.
EPF chief strategy officer Nurhisham Hussein said the COVID-related withdrawals, namely i-Sinar, i-Lestari and i-Citra, resulted in many members below age 55 having critically low EPF savings.
"Even with COVID-19, 80 per cent of Malaysian men and 90 per cent of Malaysian women will reach age 60, while one out of three men and two out of three women will reach age 80.
"We now estimate that only three per cent of Malaysians can afford to retire," he said at the Perdana Fellow Alumni Association Speaker Series webinar today.
Nurhisham was one of the panellists at the webinar, titled 'Healthcare in Focus'.
In his presentation, Nurhisham said by the end of this year, 54 per cent of EPF members aged 54 would have less than RM50,000 in their savings account, noting that a majority of those who withdrew their entire EPF savings upon reaching age 55 would use it up within two to three years.
He noted that the withdrawals were allowed due to the extraordinary circumstances.
"We are very sympathetic to the plight of our members and hope that the (withdrawals) had achieved the intended purpose of helping them financially.
"(Moving forward,) the reopening of the economy and the measures announced in Budget 2022 should help relieve the pressure on our members," he said.
Commenting on the consequences should another round of withdrawal be permitted, he said those who had withdrawn from their EPF savings would now need to work an extra four to six years just to cover the amount that they withdrew over the past two years.
Since it is unlikely that the retirement age will be raised, they would not have enough for their retirement, he said.
-- BERNAMA
Bernama
Sun Oct 31 2021
![Only 3 pct of Malaysians can afford their retirement, says EPF Only 3 pct of Malaysians can afford their retirement, says EPF](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2021-10/71635682709_kwsp.jpg)
The COVID-related withdrawals over the past two years have had a massive impact on the savings of Employees Provident Fund (EPF) contributors, as currently, only three per cent of contributors can afford their retirement. - Astro AWANI
Jualan penyaman udara naik mendadak di negara Balkan
Menetap di negara sejuk, mereka tidak pernah terfikir memasang penyaman udara di dalam rumah memandangkan musim panas bukanlah setiap hari. Namun, cuaca panas melampau membuatkan mereka bertukar fikiran.
![Malaysia kecam sekeras-kerasnya pencerobohan ekstremis Zionis Israel ke atas Masjid Al-Aqsa Malaysia kecam sekeras-kerasnya pencerobohan ekstremis Zionis Israel ke atas Masjid Al-Aqsa](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-01/61706688348_wismaputra.jpg)
Malaysia kecam sekeras-kerasnya pencerobohan ekstremis Zionis Israel ke atas Masjid Al-Aqsa
Kerajaan Malaysia mengecam sekeras-kerasnya pencerobohan Masjid Al-Aqsa oleh ekstremis Zionis Israel pada 13 Ogos.
![Reda dengan pemergian anak walaupun bukan pengakhiran diharapkan - Ayah Nidza Afham Reda dengan pemergian anak walaupun bukan pengakhiran diharapkan - Ayah Nidza Afham](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-08/61723653359_TBMOKHTAR.jpg)
Reda dengan pemergian anak walaupun bukan pengakhiran diharapkan - Ayah Nidza Afham
Ayah kepada penyanyi dan Youtubers Muhammad Nidza Afham Mokhtar reda dengan pemergian anak lelakinya walaupun itu bukan pengakhiran yang beliau harapkan.
Ahli perniagaan diberkas, terlibat dalam aktiviti kumpulan mafia
Seorang ahli perniagaan Itali ditangkap di bandar Natal, Brazil pada selasa.
Giuseppe Bruno kini menghadapi tuduhan termasuk melakukan pemerasan dan pengubahan wang haram dan juga penglibatan bersama kumpulan mafia.
Giuseppe Bruno kini menghadapi tuduhan termasuk melakukan pemerasan dan pengubahan wang haram dan juga penglibatan bersama kumpulan mafia.
Srettha hormati keputusan mahkamah
Srettha Thavisin menghormati keputusan Mahkamah Perlembagaan Thailand yang memecatnya daripada jawatan Perdana Menteri.
Lahir empat hari lepas, bayi kembar maut angkara serangan rejim Zionis
Kembar lelaki diberikan nama Asser manakala Ayssel pula nama diberi buat kembar perempuan, kedua-duanya lahir pada 10 Ogos lepas.
Lelaki tikam ibu saudara direman tujuh hari
Seorang lelaki yang disyaki menikam ibu saudaranya di kepala dengan gunting, semalam direman selama tujuh hari hingga 21 Ogos ini.
PN senarai pendek tiga calon, akan diumum selepas PRK Nenggiri
Perikatan Nasional telah menyenarai pendek tiga calon untuk bertanding pada Pilihan Raya Kecil (PRK) Dewan Undangan Negeri (DUN) Mahkota yang dijadualkan berlangsung pada 28 September depan.
![10 cedera dalam kejadian reaktor kilang terbakar di Bintulu 10 cedera dalam kejadian reaktor kilang terbakar di Bintulu](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-07/41722145972_KebakaranGeneric.jpg)
10 cedera dalam kejadian reaktor kilang terbakar di Bintulu
Menurut PGOB kesemua mangsa yang cedera telah dikejarkan ke Hospital Bintulu untuk rawatan lanjut.
![Mayat Muhammad Nidza Afham dibawa ke Hospital Shah Alam Mayat Muhammad Nidza Afham dibawa ke Hospital Shah Alam](https://resizer-awani.eco.astro.com.my/tr:w-177,h-100,q-100,f-auto/https://img.astroawani.com/2024-04/61713736324_HusseinOmarKhan.jpg)
Mayat Muhammad Nidza Afham dibawa ke Hospital Shah Alam
Mayat Muhammad Nidza Afham Mokhtar yang ditemukan di Sungai Klang petang tadi dibawa ke Unit Forensik Hospital Shah Alam (HSA) untuk urusan bedah siasat.