Staggered rates based on wages can help bolster low EPF savings FMTNews
A workers’ union has called for a hefty increase in employer contributions to the Employees Provident Fund, suggesting a mandatory 20% for those earning RM4,000 a month and below.An increase rate of 20% was mooted by the Uni Malaysia Labour Centre, whose president, Shafie BP Mammal, said the increase is necessary to ensure that contributors will have adequate savings in their EPF accounts when they retire.
At a 12% contribution, the firm forks out RM540,000 monthly in EPF payments. Raise it to 20% and the EPF bill shoots up to RM900,000.So why this sudden push and anxiety? Obviously, fear has started to set in among Malaysians about the poor state of affairs in their EPF savings as well as savings elsewhere.
The union is now trying to pass the buck to the employers although the dangerous situation was created by the members themselves and the government. Members could start being responsible by raising their share voluntarily. The minimum is 11% but there is no maximum limit.
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