This is especially so considering that the Statistics Department has predicted the country may soon become an ageing nation, with 15% of the 32 million population being above 60 years by 2030. theSun theSundaily EPF kwsp Malaysia retirement
Shankaran says it is vital to consider EPF as a long-term retirement investment rather than a contingency fund. – Adib Rawi Yahya/theSunPre-elderly individuals, or those defined as being between 50 and 64 years of age, who made full and partial withdrawals of their Employees Provident Fund savings under previous government schemes such as i-Lestari, i-Citra and i-Sinar, are now in danger of living in poverty.
“The public and private sectors and NGOs will also have to examine the situation carefully and develop a long-term and sustainable approach and policy to provide services for the elderly. Malaysian Coalition on Ageing chairman Cheah Tuck Wing said he had objected to the idea as soon as the proposal for EPF withdrawals was presented by the previous government during the Covid-19 pandemic.
Cheah added that the elderly appear to have been overlooked in Budget 2023, which has resulted in frustration and pessimism among advocates for seniors.
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