by Fatihah
photo by gkerjaya
The Employees Provident Fund (EPF) has opened the EPF i-Sinar facility application to two categories of contributors involving a total of 8 million eligible members to assist those affected by the Covid-19 outbreak.
BERNAMA reports that more than 50% (137,000 out of 245,000) of the 54-year-old EPF contributors show that the EPF savings are less than RM50,000 to cover their retirement life. More worryingly, a total of 43% (5.38 million members) under the age of 55 showed savings of less than RM10,000 in their Account 1.
The EPF targets members' minimum savings at RM240,000 (Basic Savings) when they reach the age of 55. Basic Savings here refers to the minimum amount of savings to cover the basic needs of retirement for 20 years, from the age of 55 to the age of 75, in line with the average life expectancy of Malaysians.
Emergency facilities such as the government-approved EPF i-Sinar should be fully utilized only for basic needs for those of you who have absolutely no choice. Your consideration should be taken into account the financial comfort of your old age so that you do not get caught up in the poverty crisis ahead of retirement.
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