The Malaysian Financial Planning Council is against further EPF withdrawal schemes and is backing the government against the ‘rakyat’s’ struggle to pay their debts with their own money.
The council says withdrawals from their retirement nest egg may cause bigger problems in the future, particularly after retirement, while it did not offer any other solutions or have any other ideas on how to beef up the EPF accounts that are already used!
“The issue of insufficient savings is at an alarming stage as the median savings of the B40 was at RM1,000. If this level continues until their retirement, they would have only RM4 a month to spend for 20 years, and for the M40, their savings of RM25,000 would translate into RM104 a month for the same period,” it says.
Nevertheless, the council is at the forefront of raising Malaysians’ financial literacy.
