PM Tun Mahathir, 93, has jokingly said the new retirement age in Malaysia will be 95 in 2020 when he hands over his premiership to Datuk Seri Anwar Ibrahim. He may have said it in jest but at the rate our demographics are changing, Malaysia will reach ageing nation status by 2030, and we will […]
THE NEED TO KEEP RAISING THE RETIREMENT AGE Read More »
Poster calling attention to four demands I have just listened to Roy Ngerng’s speech delivered at Hong Lim Park, Singapore, on 7 June, 2014. All 46 minutes of it. For those interested, there is a transcript plus a Chinese translation posted on his blog at The Heart Truths. This CPF (Central Provident Fund) minimum sum
PENSIONS & RETIREMENT FUNDS – A LOOMING CRISIS? Read More »
Report in The Star 16 August 2012 This post is mainly to keep a record of public announcements made by the EPF on the issue of withdrawals. Decisions made in haste without sufficient time to hear the views of all stakeholders often result in the authorities involved having to retract their earlier statements. This ‘flip-flopping’
SAY NO TO PREMATURE WITHDRAWAL Read More »
While awaiting the EPF Act 1991 to be amended which will likely take three to five years, contributors can still withdraw the full sum at the old retirement age of 55. When the government raised the retirement age for the private sector from 55 to 60, contributors to the Employees Provident Fund (EPF) were concerned
WHY IT MAKES SENSE TO LEAVE YOUR MONEY IN THE EPF Read More »
Front page of the Malay Mail today (14 June 2012) A bit too late for me, but good news for those about to reach the current retirement age of 55 for the private sector. An extra five years can mean additional money for our golden nest. With the ever spiraling cost of living eating into
AN EXTRA FIVE YEARS TO GROW OUR GOLDEN NEST EGG Read More »
Report in The Star 15 March Honestly, some of the things the government does makes no sense. Take the latest example. The government launched the My First Home Scheme in March 2011 to help young working adults own their first home. Banks were supposed to provide 100% loans for houses costing up to RM200,000 (for
HANDS OFF MY EPF SAVINGS! Read More »
It is a fact that many retirees are struggling to cope with their living expenses. A survey carried out by the Employees Provident Fund (EPF)in 2004 showed that 99.9% of contributors withdraw all their savings in one lump sum after they retire at 55. 70% of them deplete their EPF savings within three years of
A DAILY STRUGGLE TO SURVIVE Read More »
Braving the cold at a Christmas fair in Cologne. My first visit to Germany was in December 1998. Last month, I returned for a more leisurely visit. During my one week in Cologne, I had the opportunity to talk to some senior citizens about how they viewed retirement. One can learn a lot from such
FEELING THE COLD AND THE PINCH IN GERMANY Read More »
If you have sufficient funds set aside for your retirement, you can look forward to your golden years with some peace of mind. However, the majority of us are probably still struggling to pay off housing loans and car loans. There is also the credit card debt to settle each month. The adult children have
HOW TO MANAGE YOUR DEBTS Read More »
