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PETALING
JAYA: Efforts must be made to replenish the savings of those who have exhausted nearly all of their retirement money, financial experts say.
Commenting on a disclosure by outgoing Employees Provident Fund (EPF) chief executive officer Tunku Alizakri Raja Muhammad Alias on withdrawals made by 30% or 1.6 million members of the fund, the experts called for concerted efforts by contributors, employers and the government to boost the retirement savings of those affected.
Tunku Alizakri said some EPF contributors might only have a minimum required balance of RM100 in their accounts following withdrawals.
Financial planner Felix Neoh advised contributors to increase their monthly contributions as members can put into their accounts RM60,000 a year, over and above their yearly deductions.
Use special lifeline wisely, contributors advised EPF’s i-Sinar - Bernama
PETALING JAYA: While the i-Sinar scheme by the Employees Provident Fund (EPF) is a welcome relief for those who have lost jobs due to Covid-19, financial experts have cautioned that these people run a risk of having insufficient funds upon retirement if too much money is withdrawn now.
Asmadi Husna, 34, a photographer at a startup company in Selangor, told
theSun that her salary had been cut by 20% since last August, and with her loan moratorium expiring next month, this is all the more reason to withdraw money from EPF.
KUALA LUMPUR (Dec 10): Bank Negara Malaysia (BNM) assistant governor Fraziali Ismail has warned against "unethical advice" encouraging members of the Employees Provident Fund (EPF) who are not in financial distress to withdraw from their Account 1 to invest in investment assets that carry much higher risks, after the enhanced i-Sinar facility was announced by the fund.
In his keynote address at the Malaysian Financial Planning Council — Professional & Ethics Forum 2020, he said this after self-proclaimed financial gurus on social media irresponsibly advised borrowers who are not facing financial difficulties to seek loan moratoriums or channel their savings from the deferred loan repayments into higher risk investments to make quick returns.