Malaysia’s Retirement Crisis, A Grey Rhino

As a result of Covid-19 related withdrawals, almost half of the EPF members have less than RM10,000 left in savings, and 3.6 million of them now have less than RM1,000. These shocking figures point towards the likelihood that Malaysia will experience a huge problem with a majority of its lower to middle income elderly living in poverty in the coming decade. So what do we need to do to address this issue? Sim Wie Boon speaks to Balqais Yusoff of EPF about the impact of Covid-19 on EPF withdrawals and the looming retirement crisis ahead. Image credit: Shutterstock.com