Stemming retirement crisis harder if contributors keep tapping into EPF savings, warn MTUC and financial planners

Stemming retirement crisis harder if contributors keep tapping into EPF savings, warn MTUC and financial planners - Hello loyal readers FeedGoogle, In the article you are reading this time with the title Stemming retirement crisis harder if contributors keep tapping into EPF savings, warn MTUC and financial planners, We have prepared this article well for you to read and take information in it. hopefully the contents of the post Article Malaysians, what we write you can understand. Alright, happy reading.

Under Budget 2021, the Perikatan Nasional administration will let retrenched workers withdraw a maximum of RM500 monthly from their EPF Account 1 for a total of 12 months starting January next year. — Picture by Miera ZulyanaKUALA LUMPUR, Nov 13 — Putrajaya could face massive hurdles in its bid to fix a potential retirement crisis by allowing private contributors to withdraw from their core Employees Provident Fund (EPF) savings, financial analysts and trade unions have warned. As many as 2.2 million contributors have depleted their Account 2 funds while up 32 per cent have less than RM5,000 in their Account 1, the private pension fund manager said recently as it called for urgent solutions to avert a financial storm.Under Budget 2021, the Perikatan Nasional administration will let retrenched workers withdraw a maximum of RM500 monthly from their Account 1 for a total of 12 mon…