Ready for Retirement?
Mac's blog on "Retirees turning their back on EPF" prompted me to look into my news archive for this article "Retirees using up EPF savings within 3 years", which was carried by The Star on 10 May 2005.
Quoting the Utusan Malaysia, The Star was reported that:
Quoting the Utusan Malaysia, The Star was reported that:
- Over 60% of retirees used up their EPF savings within 3 years of retiring,.
- More than half of the active contributors withdrew 40% of their savings while they were still working.
- The average savings of the contributors was about RM90,000.
- Most of them have only a monthly average of RM370 to spend until the age of 75.
Also read Utusan Malaysia 9 Mei 2005: 60 peratus pesara kehabisan wang KWSP sebelum 3 tahun.
Something to ponder upon this weekend. Are you ready? If not, what are you doing about it?
posted by raymond at 12:08 AM
1 Comments:
Hi Raymond,
Have you ever looked at SOCSO? It has an accumulated fund of more than RM12 billion. The recent bad publicity about fraudulent claims and the Auditor-General's report does not auger well for the organization. Also, workers have been complaining for years about being marginalized when it came to claims, etc.
I have a strange feeling that large scale abuse is going on and there is tremendous leakage, the magnitude of which can only be guessed.
Post a Comment
<< Home