Many will not have enough basic savings of at least RM240,000 to retire comfortably when they reach 55, according to a report.
She paused regular contributions to the Employees Provident Fund after going freelance two years ago to take care of her young son, but tries to make contributions every few months or so.
KRI also noted that individuals aged between 30 and 54 are similarly unprepared, largely due to EPF withdrawals made for education purposes or home purchases. Low starting salaries mean that many are unable to contribute adequately to their EPF, leading to compounded challenges over time. Some 6.1 million members have less than RM10,000 in their accounts, with 3.6 million members having less than RM1,000, said Dr Nur Syazwani. She said that weak finances could compel many to rely on family support or to continue working beyond the retirement age.
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