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KUALA LUMPUR: The Employee's Provident Fund (EPF) will place all contributions into Account 1 in order to replenish the savings of its members who have withdrawn funds to weather the economic effects of the Covid-19 pandemic.

KUALA LUMPUR, Nov 25 — Drastic steps like the introduction of a universal retirement savings scheme and extending the retirement age need to be implemented soon to ensure Malaysians can retire “safely”, economists warned. They added there also needs to be a shift in society’s mindset...

The Employees Provident Fund (EPF) has expressed concern that the majority of its members are now at risk of falling into old-age poverty as Covid-19 related withdrawals have caused insufficient savings to live out a dignified retirement life.  EPF chairman Tan Sri Ahmad Badri Mohd Zahir said this will not only be detrimental to individual livelihoods, the socio-economic landscape of the country and its fiscal health will also be challenging

Almost 50% of members have very little savings to last their golden years.

All new Employees Provident Fund (EPF) contributions of members who had made withdrawals will be credited into Account 1 until the total amount withdrawn is replenished, said Deputy Finance Minister I Mohd Shahar Abdullah.

KUALA LUMPUR: The withdrawals of RM101 billion under the Employees Provident Fund's (EPF) i-Sinar, i-Lestari and i-Citra facilities will not affect the domestic financial markets, said Deputy Finance Minister I Mohd Shahar Abdullah.

The Employees Provident Fund (EPF) has cautioned that its members are at risk of falling into old age poverty, but vowed to address poor social protection coverage among Malaysian adults and the issue of inadequate savings for retirement.

The Employees Provident Fund (EPF) has expressed concern that the majority of its members are now at risk of falling into old-age poverty...

The withdrawal of pension funds to mitigate the impact of Covid-19 has aggravated the problem of savings inadequacy among Malaysians, which could make it impossible for many Malaysians to replenish their Employees Provident Fund Account 1 fund to meet the minimum threshold set by the pension fund during the remainder of their working life, said Malaysia University of Science and Technology economist and professor Dr Geoffrey Williams.

KUALA LUMPUR, Nov 23 — The Employees Provident Fund (EPF) has expressed concern that the majority of its members are now at risk of falling into old-age poverty as Covid-19 related withdrawals have caused insufficient savings to live out a dignified retirement life. EPF chairman Tan Sri Ahmad...