Malaysia's pension bill could surge to RM120 billion by 2040 if the new plan is not implemented.
KUALA LUMPUR – Malaysia’s plan to scrap pensions for new government employees has been hailed as a “brave move” to lower expenditure, but analysts warn it risks alienating Malay voters who make up the bulk of the country’s 1.7 million civil servants.
The Pakatan Harapan alliance led by the Premier managed to garner only an 11 per cent vote share from the majority Malay community at the 2022 general election. “Although it is a brave move, these reforms may come at a cost, with civil servants expressing discomfort at working with the unity government. They may also seek to disagree with the politicians over the implementation of ongoing policies,” he said.
In contrast, the EPF requires monthly contributions from workers and their employers, and the retirement funds saved in the EPF accounts can be withdrawn from the age of 55.Malaysians saving less, most do not have enough in retirement funds: Survey Some acknowledge the government’s financial burden, while others say the proposal takes away one of the few privileges of public service.
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