An Ageing Population And The Need For A Retirement Safety Net


 

From K Veeriah
When workers were enticed to withdraw their Employees’ Provident Fund (EPF) savings to sustain themselves during the Covid-19 pandemic, it resulted in only about 3% of them having adequate savings to afford retirement.
Thus, the indisputable fact is that our working population is stranded with inadequate savings, or none whatsoever, post-retirement.
Given that our population is fast reaching an old-age society, and coupled with the fact that they don’t have sufficient post-retirement savings, our nation may well be heading towards a future that will witness growing poverty.
Without sustainable post-retirement savings, our “warga emas” (senior citizens) will either be compelled to continue working or become dependent on the goodwill of society for survival unless the government initiates an appropriate social safety system to address the situation.
The Malaysian Trades Union Congress believes that it is possible to implement a comprehensive post-retirement safety net if the government can do the following:
Merge EPF and Socso so as to consolidate their resources to introduce a retirement safety scheme. We understand that EPF’s investment assets are about a trillion ringgit, and Socso’s asset size is in the billions. With such massive financial assets, and through prudent returns on investment, we are convinced that a post-retirement safety system is possible.Set aside say 1% of taxes collected. With the consolidation of EPF and Socso and with an annual allocation of a portion of taxes collected to the said entity, we believe that a retirement safety scheme may well be possible.Enhance existing statutory EPF contributions. This will increase savings with the proposed consolidated EPF-Socso organisation, which, in turn, will enable the sustainability of our suggested old-age support scheme.Move towards a living wage. While progressive improvements to the minimum wage is welcomed, it does not meet the threshold living wage module expounded by Bank Negara Malaysia. According to the central bank, an individual needs a living wage of RM2,700 to sustain him or herself. By moving towards a living wage, it would, consequentially, translate to higher savings, again, with the proposed consolidated entity.Taking cognisance of a fast approaching ageing society, we urge the government to consider our proposals. And we believe the government ought to consider our suggestions in formulating its 2023 budget. - FMT
K Veeriah is Penang division secretary of the Malaysian Trades Union Congress.
The views expressed are those of the writer and do not necessarily reflect those of MMKtT.


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2022/06/an-ageing-population-and-need-for.html

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Having My Name On The Packs Sets The Tone For Healthier Decisions Through The D

Having My Name On The Packs Sets The Tone For Healthier Decisions Through The D

papar berkaitan - pada 1/6/2022 - jumlah : 195 hits
Having my name on the packs sets the tone for healthier decisions through the day Sara Shaklee Member Does Meology help you live healthier Tell us how below The post appeared first on
A Travel Decoration For Anyone Who Wants To Escape The Classical Decor

A Travel Decoration For Anyone Who Wants To Escape The Classical Decor

papar berkaitan - pada 10/6/2022 - jumlah : 355 hits
Travel decoration ideas that are simple to implement and that change everything This is what we propose to you today for a really beautiful escape without setting foot outside Whatever your style of decoration and your The post appeared fir...
What Are The Health Supplements For Child Development

What Are The Health Supplements For Child Development

papar berkaitan - pada 9/6/2022 - jumlah : 327 hits
There are many health supplements for child development including iron zinc and vitamin B12 Iron is important for normal growth and development and zinc is essential for healthy immune function Vitamin B12 is important for the body s abilit...
Anyone Else Need An Extra Boost After The Long Weekend

Anyone Else Need An Extra Boost After The Long Weekend

papar berkaitan - pada 1/6/2022 - jumlah : 244 hits
Anyone else need an extra boost after the long weekend The post appeared first on
5 Tips For Picking The Right Siding For Your Home

5 Tips For Picking The Right Siding For Your Home

papar berkaitan - pada 13/6/2022 - jumlah : 374 hits
When it comes to your home s exterior siding is one of the essential elements It plays a role in protecting your home from the elements but it also has a significant impact on its curb The post appeared first on
Coffee Table In Travertine For A Natural Interior In The Living Room

Coffee Table In Travertine For A Natural Interior In The Living Room

papar berkaitan - pada 13/6/2022 - jumlah : 305 hits
Do you want to change your coffee table and want a solid easy care and elegant model at the same time Opt for a coffee table in travertine a resistant stone that will bring authenticity and opulent The post appeared first on
Unboxing The Smart Monitor M8 An All In One Screen Optimized For A New Era Of Home Life

Unboxing The Smart Monitor M8 An All In One Screen Optimized For A New Era Of Home Life

papar berkaitan - pada 2/6/2022 - jumlah : 402 hits
It s no surprise that many of us spend more time working studying and relaxing at home these days But what if there was a way to make that time more comfortable meaningful and efficient In line with the new era of home life that we are expe...
Amir Given Economy Minister S Duties To Overhaul 13th Malaysia Plan

More Action Needed To Combat Vaping By Students

The Rise Of Film To Tv Adaptations Why Hollywood Keeps Revisiting The Big Screen

Koenigsegg Lancar Sadair S Spear Hypercar 1 625 Hp Dengan Bahan Api Mesra Alam

Petua Nenek Tentang Aloe Vera Yang Masih Relevan Sampai Hari Ini

An Inspirational Birthday Wish That Has A Lasting Impression

Cakap Benci Rasuah Tapi Berdiam Diri Apabila Tindakan Antirasuah Diambil Pm Anwar

Kenapa Pilih Mosumart Design Untuk Semua Keperluan Cetakan Anda


echo '';
Info Dan Sinopsis Drama Berepisod Dendam Seorang Madu Slot Tiara Astro Prima

10 Fakta Biodata Amira Othman Yang Digosip Dengan Fattah Amin Penyanyi Lagu Bila Nak Kahwin

5 Tips Macam Mana Nak Ajak Orang Kita Suka Dating Dengan Kita

Info Dan Sinopsis Drama Berepisod Keluarga Itu Slot Lestary TV3

Bolehkah Manusia Transgender Mencapai Klimaks Selepas Bertukar


Berdengkur Kuat Bukan Perkara Biasa

Selamat Pagi Sabtu 28 Jun 2025

Yasser Atak Wanie Sidik Teruna Dara Idaman Chord

The Italian Job A 1974 Harley Davidson Sx250 Flat Tracker By Fuchs

Tanda Bacaan Gula Dalam Darah Tidak Normal Ambil Tahu Elak Diabetes

Tehran Umum Pengebumian Bersejarah 60 Korban Perang Termasuk Komander Saintis Nuklear