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The average Malaysian does not have enough money stashed away for their retirement years, a new report has found.
According to the Employees Provident Fund (EPF) chairman, Tan Sri Samsudin Osman, as of the end of last year 69% of contributors above the age of 54 have less than RM50,000 in savings.
“Let’s say upon attaining 55, a person spends frugally at RM800 per month, which is our poverty line income. Then that RM50,000 savings can only last five years,” he said at an EPF international seminar, New Straits Times reported.
The seminar highlighted trends and changes within the Malaysian society, as well as social security challenges.
Tan Sri Samsudin said that as Malaysia aims to reach its goal of becoming a high income nation by 2020, the country “will see major trends such as the increasing role of women in the workforce, major shift towards urbanisation as well as increasing life expectancy”.
“These trends, among others, have their own set of social and demographic challenges,” he said.
He added one of the ways to manage these challenges would be to have a greater understanding of the demographic changes so as to develop more effective action plans.
“A one-size fits all solution is no longer viable, taking into account the unique challenges facing the population in urban, sub-urban as well as rural areas,” Tan Sri Samsudin said.
“Therefore, it is crucial that social security organisations understand the demographics and population dynamics, and play the role of agents of change.”