KUALA LUMPUR – Freelance writer Nadrah Hizwan is 29, but already thinking about her retirement funds.
She paused regular contributions to the Employees Provident Fund (EPF) after going freelance two years ago to take care of her young son, but tries to make contributions every few months or so.
“I am not too stressed yet because retirement still feels far off,” the former academic editor told The Straits Times. She hopes to be able to return to full-time work soon to boost her retirement savings.
To date, she has around RM38,000 (S$11,600) accumulated in her EPF account, as well as additional funds in a government-backed unit trust and a pilgrimage fund.
However, Ms Nadrah is among the minority when it comes to planning ahead. A recent report by the Khazanah Research Institute (KRI) reveals a worrying trend of many EPF members being poorly prepared for retirement.
The Malaysian retirement fund, which is similar to Singapore’s Central Provident Fund, manages the compulsory savings plan and retirement planning for workers in the country.
More than 90 per cent of these EPF members, aged 30 and below, will not have enough basic savings of at least RM240,000 needed to retire comfortably when they reach 55, according to the report that was released in September.
Individuals need at least RM35,000 saved by the age of 30 to meet this retirement goal. But most people under 30 have not met this benchmark, states the report.
Denne historien er fra October 14, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra October 14, 2024-utgaven av The Straits Times.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Dedication To Sushi Tradition
An iron law of sushi holds that the more impressive the restaurant, the smaller the sign.
Squid Game 2 cast play five stones, sepak takraw
In K-drama Squid Game (2021 to present), players take on children's games for a hefty cash prize in the hit Netflix series. But how would the cast fare playing children's games known to Singaporean and regional audiences?
Sequels take nine of 10 slots in US box office in 2024
In 2023, Hollywood's creative community was celebrating the apparent decline of corporate, paint-by-numbers sequels and remakes.
Zhao Lusi says she was abused and is suffering from depression
The year may have just begun, but the Chinese entertainment scene has already been hit by controversy. Chinese actress Zhao Lusi (right) revealed in a post on Weibo on Jan 1 that she was a victim of physical abuse at the workplace and is now suffering from depression.
Jungkook Is First Asian Artiste To Surpass 2.1 Billion Streams With One Song On Spotify
K-pop boy band juggernaut BTS’ member Jungkook is the first Asian artiste to surpass 2.1 billion streams on Spotify with one song.
Comfort Meets Style
Young employees are increasingly switching out formal suits and ties for more expressive dressing styles
Down-to-earth home with stories to tell
Artist and stylist Geraldine Toh's apartment project combines art, design elements and an earthy sensibility with the colour ochre
Tampines legend Kopitovic makes staggering Bali move
When Boris Kopitovic first arrived in Singapore to join BG Tampines Rovers in 2020, few expected the Montenegrin forward to make a lasting impact.
LEE IMMERSING IN GREECE
World Aquatics scholarship recipient quits job to pursue water polo dreams
Gunners On Fire Despite Virus
They overcome bug outbreak to overturn Brentford's advantage for crucial victory
