KUALA LUMPUR, April 13 — The Socio-Economic Research Centre, a think tank founded by the Chinese Chamber of Commerce and Industry, today reminded the Anwar administration about...
KUALA LUMPUR, April 13 — The Socio-Economic Research Centre, a think tank founded by the Chinese Chamber of Commerce and Industry, today reminded the Anwar administration about the urgent need to put in policy safeguards that would avert a retirement crisis, after the federal government allowed Employees’ Provident Fund contributors to use their savings as collateral for loans.
“I think it’s time to safeguard the retirement safety net,” SERC director Lee Heng Guie said at a media briefing of its quarterly economic tracker here. Policy analysts pin much of the country’s low retirement savings on longstanding structural weaknesses. Malaysia has remained a labour-intensive middle-income economy for decades, with a majority of its workforce being either semi or low-skilled. Only a fifth of workers in the country are considered skilled.
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