Time and Inflation

There are two things you cant beat which is Time and Inflation. 

recent survey found that 26.1% of respondents above the age of 60 will continue to work until their health fails as they face challenges in achieving income security to finance their retirement needs.

old-age population is more susceptible to poverty compared to the average Malaysian population, as only 29 per cent of Malaysians have pension or pension-like income during retirement.

"EPF (Employee Provident Fund) data shows that one in four members actually exhausted their savings within five years ( 60 months ) after reaching withdrawal age.

as usual, the elected government of the day ( and GLC and what not ) are pretty smart in highlighting issues rather than giving concrete solutions. Then they proceed to do nonsensical stuffs that doesnt solve anything at all besides digging a deeper hole. 

Mind you, all the politicians are better off than any of us. With fat allowances, perks and pensions, soon enough they no longer fight for the common people as their worldview will change accordingly. who cares for the working class, when you are served everything for free of charge. 

These biawak will only appear, begging in disguise for votes in the next election. 

the Employees Provident Fund (EPF) approved a whopping 3.04 million applications from contributors to withdraw part of their retirement money from Account 3 to the tune of RM5.52 billion. 

The EPF

Employees Provident Fund was established in the first place. Founded in 1951, its purpose is to be a social security organisation to provide retirement benefits for private sector and non-pensionable employees in Malaysia. 

A compulsory savings scheme designed to help employees secure their financial future because they (sic..) don’t have the discipline to save for retirement. These economic. financial genius will claim that the creation of Account 3 is for allowing contributors to withdraw funds for "emergencies" without resorting to avenues such as loan sharks. 

yea right. 

 

Clueless and incompetent Mahiaddin Yassin and Ismail Sabri making sure EPF members were allowed – even encouraged – to withdraw not once, not twice but four times during the Covid-19 pandemic. The four special withdrawals had depleted a total of RM145 billion in retirement savings, affecting mostly hardworking M40 and B40 workers.

what makes it worst - these prime ministers shamelessly claimed that the four EPF withdrawals – from i-Lestari to i-Citra – were government financial aid. We need to bring out our hard earned savings to help ourselves to service our rentals and debts. 

Best of all, capitalistic banks even charge us with a new interest for our moratoriums, while Bank Negara conveniently increased the OPR rates again to combat inflation. My ass!!!

The “i-Lestari” Account 2 Withdrawal Scheme, it was revealed that some EPF members had already exhausted their Account 2 after just two months – that’s only RM1,000. The bottom 10% of EPF members had only an average of RM319 in their Account 2.

Now with all these data and issues highlighted, please by all means enough of telling Malaysians that they ( we ) have no savings. Use your big brain, get all your super salaried "technocrats" and "think-tanks" to find a credible solution to solve this. 

Please.