Epf Or Pension Emphasise Prudent Spending Instead Say Economists


 
The government has said new civil servants will no longer receive pensions but will contribute to EPF and the Social Security Organisation. (Bernama pic)PETALING JAYA: Prudent spending of retirement funds is more important than debates about the merits of replacing the pension system with EPF contributions for new civil servants, says an economist.
Universiti Tun Abdul Razak’s Barjoyai Bardai said rather than argue about whether the EPF provides civil servants with a less secure financial future than the current pension scheme, discussions on the topic should revolve around how best to develop post-retirement financial discipline.
Barjoyai said although private sector employees who started working in the mid-1970s may have retired with RM1.5 million in their EPF accounts, some of them depleted a significant portion of their savings a decade after retiring.
“At the end (of their career), they withdrew all (their EPF savings) and spent RM1.5 million in 10 years. They didn’t have discipline,” he said.
“Some bought houses, new cars and so on. And in less than two years, the money was exhausted. They live up to 75 or 80 years old, they have a home, but no cash.
“They should have kept that RM1.5 million in their EPF accounts and withdrawn RM7,000 monthly. If they did, they would have been able to keep their principal amount intact pretty much forever.”
Yeah Kim Leng of Sunway University said Malaysians need to be prepared for declining purchasing power during their golden years in light of the rising cost of living.
Given longer life expectancies, he said Malaysians should consider extending their retirement age and seek additional income sources.
“It would be prudent for civil servants to ascertain whether the savings pool of, say, RM1.36 million at age 60 is adequate to meet their desired lifestyle and financial needs upon retirement,” he said.
Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid shared a similar view. He said both civil servants and private sector employees must have the knowledge and skills needed to make astute long-term financial decisions.
“What is more important is financial literacy and how finances are managed,” he said when asked about the benefits of the EPF scheme versus the pension system.
Last month, deputy prime minister Ahmad Zahid Hamidi said new civil servants would no longer receive pensions but would contribute to EPF and the Social Security Organisation (Socso) in a bid to alleviate the government’s financial burden by reducing pension payments.
Cuepacs, the umbrella body for civil service unions, said it disagreed with the policy as most civil servants say the pension scheme is the “best option” for them.
At present, civil servants are allowed to choose between the pension scheme and contributions to EPF.
Cuepacs president Adnan Mat said that due to the “current low salaries” in the civil service, the EPF contribution scheme is seen as “inadequate” in helping civil servants build a substantial retirement fund.
Political parties have also weighed in on the matter, with Bersatu information chief Razali Idris urging the government not to abolish the pension scheme for new civil servant hires.
He told Berita Harian that civil servants should be allowed to choose between staying in the government salary scheme with a pension, or increasing their salary with contributions to the EPF.
Under the current pension scheme, the government contributes 17.5% to civil servants’ pensions. The contributions to civil servants’ pensions are 24% under the EPF scheme, with the government contributing 13% and the civil servants 11%. - FMT


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

http://malaysiansmustknowthetruth.blogspot.com/2024/02/epf-or-pension-emphasise-prudent.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
Too Early To Tell Who Will Be Ge16 Partners Say Analysts

Too Early To Tell Who Will Be Ge16 Partners Say Analysts

papar berkaitan - pada 5/2/2024 - jumlah : 98 hits
The leaders of Umno and DAP have recently said they hope their cooperation will continue after the next general election which is due by February 2027 PETALING JAYA With the next general election several years away analysts have looked aska...
Bidor Depot Breakout 39 Escapees Recaptured As Of 8pm Tonight Say Police

Bidor Depot Breakout 39 Escapees Recaptured As Of 8pm Tonight Say Police

papar berkaitan - pada 4/2/2024 - jumlah : 92 hits
Tapah district police chief Supt Mohd Naim Asnawi said they included 32 escapees who were arrested in operations today 8211 Bernama photo TAPAH A total of 39 of the 131 illegal immigrants who escaped from the Temporary Immigration Depot in ...
Syed Hussin Appointment Makes Opposition Look Bad Say Analysts

Syed Hussin Appointment Makes Opposition Look Bad Say Analysts

papar berkaitan - pada 5/2/2024 - jumlah : 117 hits
Analysts say Perikatan Nasional s credentials as a credible opposition have been undermined after six Bersatu MPs announced their support for the unity government PETALING JAYA The appointment of Bukit Gantang MP Syed Abu Hussin Hafiz Syed ...
Umno Is Like A Thorn In The Flesh Of Unity Government Analysts Say

Umno Is Like A Thorn In The Flesh Of Unity Government Analysts Say

papar berkaitan - pada 5/2/2024 - jumlah : 126 hits
The actions of a few Umno leaders who gave their views on former prime minister Datuk Seri Najib Razak s pardon decision at this time is like a thorn in the flesh of unity government because it caused conflicts with other parties Universiti...
Business As Usual With Or Without Bossku Say Umno Division Leaders

Business As Usual With Or Without Bossku Say Umno Division Leaders

papar berkaitan - pada 6/2/2024 - jumlah : 108 hits
Several Umno division leaders have vowed to revitalise the party despite the recent failure to secure a full pardon for former president Najib Razak whose prison term and fine for his SRC International conviction was instead reduced Batu ch...
Better Cpi Rank But Patronage And Cronyism Persist Groups Say

Better Cpi Rank But Patronage And Cronyism Persist Groups Say

papar berkaitan - pada 1/2/2024 - jumlah : 87 hits
Despite Malaysia s improved global corruption perception rank in 2023 anti graft watchdogs caution about lingering setbacks that must be addressed for the country to strengthen its commitment to good governance and transparency The Center t...
Former Malaysian Premier Najib Razak S Jail Term Halved From 12 To 6 Years Say Official Sources

Former Malaysian Premier Najib Razak S Jail Term Halved From 12 To 6 Years Say Official Sources

papar berkaitan - pada 1/2/2024 - jumlah : 134 hits
Najib Razak was convicted in 2020 of corruption charges related to the 1MDB scandal and began serving his prison term in August 2022 Leslie Lopez Channel News Asia The partial royal pardon for Najib s role in the 1MDB case includes a reduct...
Petrol Cause Of Arson At Beruas Mp S Residence Say Police

Petrol Cause Of Arson At Beruas Mp S Residence Say Police

papar berkaitan - pada 21/1/2024 - jumlah : 113 hits
The police said initial findings show that petrol was the cause of the arson at the residence of Beruas Member of Parliament Datuk Ngeh Koo Ham in Taman Semarak Jaya Ayer Tawar on January 10 Picture by Farhan NajibIPOH Jan 21 Initial findin...
Economists Warn Against Calls For Govt Interference In Gig Economy

Economists Warn Against Calls For Govt Interference In Gig Economy

papar berkaitan - pada 31/1/2024 - jumlah : 93 hits
Economy minister Rafizi Ramli previously said that fixing the job market s structure would be more effective than government intervention in the gig economy PETALING JAYA Economists have cautioned against calls for government intervention i...
Standby Guys Pengurangan Subsidi Petrol Bakal Bermula

Imf Menyokong Prakiraan Pertumbuhan Kdnk Malaysia Pada 2024 Kepada 4 4

Reforms Not A Panacea For Weak Ringgit Says Economist

Ultimate Guide To Ghibli Park

Will The Middle East Conflict Derail Our Economy

Afidavit Zahid Mungkin Jejas Hubungan Dengan Anwar

Sustainable Weekend Villa By Kanopea Architecture Studio And T3 Architects In Vietnam

Pengasas Pbrs Joseph Kurup Meninggal Dunia



Info Sinopsis Kutipan Sheriff Narko Integriti Filem Malaysia 2024

Info Dan Sinopsis Dough Doh Filem Malaysia 2023 Lakonan Syafiq Kyle Kini Di Netflix

Info Dan Sinopsis The Djinn s Curse Khong Khaek Filem Seram Thailand 2023 Kini Di Netflix Malaysia

10 Filem Seram Thailand Berhantu Terbaru Mesti Tonton Juga Tersedia Online

10 Drama Thailand Thai Drama Terbaru Best Juga Tersedia Online


Gunung Ruang Meletus Ini Senarai Penerbangan Mas Airasia Yang Dibatalkan

The Spark Of Innovation

Lirik Lagu Hidupku Sebelum Mati Kunto Aji

Doa 12 Pintu Pembuka Pintu Rezeki Segala Kebaikan

Daun Kelor Mujarab Untuk Diebetes Fahami 15 Khasiatnya

Menikahi Ibu Kandung Humor Kampung By Dr Hm Rakib S H M Ag Pekanbaru