Old-age poverty a big threat after Covid-19 withdrawals, says EPF

Old-age poverty a big threat after Covid-19 withdrawals, says EPF - Hello loyal readers FeedGoogle, In the article you are reading this time with the title Old-age poverty a big threat after Covid-19 withdrawals, says EPF, 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.

Almost half of EPF members below the age of 55 have critically low savings because of withdrawals they made under the pandemic assistance schemes.KUALA LUMPUR: The Employees Provident Fund (EPF) has expressed concern that the majority of its members are now at risk of falling into old-age poverty as Covid-19-related withdrawals have caused insufficient savings for a dignified retirement.EPF chairman Ahmad Badri Mohd Zahir said this would not only be detrimental to individual livelihoods, but would also be challenging for the economy and its fiscal health.He said 48% of members below the age of 55 had critically low EPF savings. This was a 28% increase in members reaching critically low EPF savings from before the pandemic.“With Malaysian life expectancy at 75 years, and assuming EPF members start to draw down their retirement savings at age 55, the savings would need to be sus…