75% of retirees reaching the age of 55 have less than RM50,000 in their EPF savings. Obviously that amount will not carry the employee through for the remainder of their life - another failing of the BN government?

“Based on statistics, more than 75% of retirees reaching the age of 55 have less than RM50,000 in their EPF savings. Obviously that amount will not carry the employee through for the remainder of their life,”

The Employees Provident Fund was a 'Simpanan Hari Tua' (Savings for Old Age) scheme for workers - but alas, this government, possibly to help the 'economy' allowed workers to dig into this savings and use the money NOW for a variety of reasons - and the end result was a shrinking of this savings - and no more would it be possible for many people to rely on these saving to sustain their livelihood until death.

Now, people have become dependent on this money NOW, and there would be resistance to any proposal to freeze the taking out of this monies now - and allowing the EPF beneficiary only the ability to take the monies on retirement. See how many workers protested the idea that they would only have access to these monies at 60, the new retirement age. If one can work and earn until 60, workers should NOT be allowed access to this monies until after they stop working...

Does the Malaysian government even guarantee this moneys in your EPF account? Does the Malaysian government even guarantee an annual minimum interest rate of 8% or 10%? Now, the EPF is using EPF monies to invest overseas - what happens if the investments do not bear better benefits or, worse still is lost - then workers will suffer. It is thus important that the Malaysian government guarantees these 'savings for old age' , and even guarantee a minimum 8% annual interest on monies available.

If a person retires at 60, and lives on until 75, how much would he need to survive. Let us take it to be RM1,000 per month

1,000 X 15 X 12 =  RM180,000-00

If RM1,500, then 1,500 X 15 X 12 = RM270,000-00

It looks like more than 75% of workers under this EPF scheme would now not have enough to survive, and the way price of food and cost of living is increasing, this is a MAJOR problem which need to be addressed NOW...

Maybe, we can try to reduce the cost of living of people above 60 - totally FREE healthcare, FREE Public Transport, Monthly allowance of RM500, Free Water, Electricity, Phone, Sewage Treatment, TV, Internet... [Remember that the elderly usually needs more to survive - i.e. healthcare, care givers, etc ]. Of course the RICH would be excluded ...

If workers had been made better wages, a just living wage - we would have a 'smaller problem' - but this Malaysian government only introduced Minimum Wages recently, and some workers are still being denied even this.

Now, there are many many people who are self employed, farmers, fisher-folk, etc that do not even have such a 'scheme' in place - no pension, no EPF, no Insurance, etc ... and the government must determine the numbers that would need assistance in their old age...

We should help the elderly Malaysians have and keep their dignity - we certainly do not want them to become 'beggars' relying on goodwill of others for their 'survival'...Respect the elders is a value that all Malaysian hold dear, and as such, it is essential that something is done now to ensure that we will take care of all our 'golden' Malaysians.

WHILE it is important to set aside a portion of your income for your golden age, many find it hard to decide where to put their hard-earned money. Employees are often choosy and sceptical in selecting the right financial instruments to invest in, other than keeping their money in the bank. 

It is not often that one can rely on one’s EPF savings alone to sustain oneself through one’s retirement age.

Malaysian Employer Federation (MEF) executive chairman Shamsuddin Bardan says it is not because people are not contributing enough to the EPF, but instead, it is the leakages in the system that limits its full purpose. 

“Based on statistics, more than 75% of retirees reaching the age of 55 have less than RM50,000 in their EPF savings. Obviously that amount will not carry the employee through for the remainder of their life,” he says. 

Cumulatively, both employer and employee contribution would amount to between 23% and 24% of wages being contributed to the EPF on a monthly basis. “A lot of withdrawals are allowed on education, medical, housing loan, and so on. Obviously when one reaches one’s retirement age, the money is not there anymore. In fact, it is very much reduced,” says Shamsuddin.

The Government needs to look into putting the EPF savings back on track, he says.

“It should not be utilised for anything else except for “old age” purposes. Perhaps if you want to buy a house, you would have to use other means. This is so your savings will be intact. Then, at retirement age, you would have enough to carry you through,” he says. 

The new retirement age policy allows employees to continue working until the age of 60, compared with 55 previously. This represents an additional five years of contribution to EPF savings.

“That would beef up employees’ savings,” he says. 

However, one can withdraw one’s entire EPF savings when one reaches the age of 55. This is not in sync with the new retirement age. If an employee works until the age of 60, but fully withdraws his EPF savings at the age of 55, by retirement time he would be left with only five years of contribution. 

Shamsuddin says this misalignment is yet another issue the Government needs to look into. “Although it won’t be a popular thing for the Government to change the withdrawal policy to age 60, we need to have a hard look at that, and perhaps bite the bullet and change it. Or else, the increase in retirement age with the main purpose of enhancing retirement savings would not be achieved,” he says.  - Star, 10/8/2013, PRS a good idea but may not be enough

Is Pakatan Rakyat propagating the same bad BN culture and practices...ADUN/MP - people relationship, ...

What Penang did for the Senior Citizens was good...but  they were following the BN ways when they wanted to disburse to the people through their ADUNs only - so wrong. 

Pakatan Rakyat has the majority, and is the government of Penang BUT when benefits are to be given to the people, and means chosen is through their elected reps, i.e. the ADUNs - then it must be channeled to all ADUNs, all the people elected reps - not just the Pakatan Rakyat reps. This was what Barisan have been doing and we do not want this to continue..

It is different if the money is coming from the Pakatan Rakyat political parties - but not if the money is the people's money that the government is disbursing.

They would otherwise have to visit a constituency under a Pakatan Rakyat representative to receive the RM100.

I also do not agree with the practice of  disbursing government funds and goods through elected reps - do it through the relevant government department.

Why disburse money through ADUN? To give the 'wrong impression' that the money is coming from the particular ADUN/MP ....or to give the 'wrong impression' that you are getting the money because of that particular ADUN/MP....

The BN culture has propagated the MPs/ADUNs as being 'rich' (or with a lot of access to money, etc) - and we go to the MPs/ADUNs to get financial aid/support for this and that... BN gave its reps money, which they called 'constituency development fund' and this was the money that the BN MPs/ADUNs dished out as though it was their own .... "so generous...so sensitive...so supporting...such a nice persons " - that was what people thought of their MPs/ADUNs. MPs/ADUNs became source of financial support, important for getting contracts/tenders, etc.. and that is all. Does rtha Pakatan Rakyat want to propagate that same perception...that same culture...I hope not.

The ADUN/MP is not the 'person with the goodies and influence' - he/she is the peoples' representative. The people channel their views, concerns, etc through their elected reps. Elected reps get the peoples' feedback and opinion before he cast his/her vote in Parliament/State Legislative Assembly. How many MPs have had sessions with their constituents to even explain the GST and the ramifications if it is passed or not. [Oh yes - the people are not interested in that - they come to see me only for money or some personal problem - AND I say the problem is with the MP/ADUN who still wants to propagate the same relationship that BN developed and preserved]

BN did not want the people to involve themselves in the decision making process - they did not want to educate people about things, have consultations, get views, etc... BN wanted you to vote for BN, and BN will give you money, benefits, contracts, etc... [Is the PKR, PAS, DAP ...Pakatan Rakyat propagating the same culture... 'stupid people - do not worry we will decide everything for you......']

Senior citizens want their cash from the Penang government to be either directly distributed or banked into their accounts.

They are entitled to RM100 under the Senior Citizens Appreciation Programme.

The government has decided to post vouchers to recipients at their home addresses, to be redeemed at any Maybank branch.

Senior Active Group of Elders President Chin Sek Ham said while he appreciated the state's efforts to care for the elderly, it was inconvenient for the infirm and wheelchair-bound to have to travel to a bank.

"Those who have no bank accounts, would also have to further undergo the inconvenience of opening an account first," Chin, 69, a former teacher, said.

"It should not be a problem for us to collect the cash direct from the government as long it is received directly by the person whose name has been registered with the state," he added.

In a press statement issued today, Chief Minister Lim Guan Eng (right) said the money will be posted after the launch of the Senior Citizens Appreciation Programme in Kompleks Masyarakat Penyayang on Mar 21.

The state government decided on this latest move to facilitate the disbursement of the funds and reduce inconvenience caused to senior citizens.

They would otherwise have to visit a constituency under a Pakatan Rakyat representative to receive the RM100.

Raymond Kwok, 66, suggested that it would be better for the money to be banked in directly to the senior citizen's account.

"In this way, the money goes directly to each person, and we can withdraw it anytime," said Kwok, a local writer with several newspapers, who has published five books in the local Hokkien dialect.

"The government could also distribute the money at the various Rukun Tetangga locations," he added.

While he thanked the state government for initiating the programme, Kwok lamented that the registration process was similar to a 'merry-go-round'.

"There was a long queue and we were asked the same stupid questions many times. Why can't the forms be distributed to all the constituencies and explained clearly so that it can be completed and returned quickly?" he asked.

Meanwhile, Lim has accused his political opponents of trying to sabotage this cash appreciation programme by describing it as an act of bribery and corruption.

However, he said the programme will continue as planned and his administration is prepared to face any investigation or action by the Malaysia Anti-Corruption Agency. - Malaysiakini, 20/3/2010,Senior citizens: Bank cash into our accounts

RM100 for Indians, RM150 for Chinese - Why this discrimination by BN in Temerloh?

Well, with regard to that gathering of old-folks in Temerloh Parliamentary constituency, area for the purpose of receiving government allocation/contribution for Chinese New Year and Deepavali, only the Malaysian of Chinese and Indian origins were invited. 

And, there was discrimination between what the Indians received, and what the Chinese elders (Warga Mas - Golden Citizens) received.

RM100 for the Malaysian Indians

RM150 for the Malaysian Chinese..

Why? Why is the UMNO-led BN government practicing discrimination based on the ethnicity/origins of one's forefathers?

S0, when they call the Malaysian Malay old folks to receive their Hari Raya contributions, how many will they be given? RM200...RM250...RM500...RM1,000? 

Will the Orang Asli get anything? 

The letters were issued by the Temerloh District Office, and as mentioned earlier, the monies could have just came with the letters without requiring our aging fathers and mother going to the Dewan on a very hot afternoon, and having to wait for about 3 hours plus just to receive RM100 (If Indian) and RM150(If Chinese) [See earlier post:-BN tidak hormati Warga Mas - Warga Mas diminta pergi Dewan, tunggu 3 jam, tanpa air minum, untuk 'sumbangan' RM100 selepas dengar ucapan YB.

The lack of transparency has led to a lot of questions and speculations, and some of the things that I have heard are:-

* Actually, the government gave RM500 to be given to every old folk (i.e. those 65 and above) but the MCA and the MIC took some for themselves, and MCA gave the Chinese RM150, but MIC took more and gave the Indians only RM100.

* Actually the government allocated RM1,000 to be given to every old folk (i.e. those 65 and above) but the BN politicians took a lot and only gave a token sum to the people. I heard that in Klang, they got RM500 - do not know why in Temerloh only RM150/RM100...

* The money is given only for the old folks (i.e. those 65 and above), who voted for the BN [or are BN party members], and that is the reason why many old people did not receive the money...

* Surely, there were a lot of old folks that day who were not even from Temerloh area that took the money since the envelopes did not contain the names of the recepient - surely the BN people also took a lot of the money. I am certain that if you looked at the accounts, they would say they gave out maybe 10 or 20 times more than was given out.

* They wanted to pocket the money that was allocated for all the old people of Temerloh (i.e. 65 and above), and that is why they just did not send to all those old people in Temerloh(using maybe the Electoral Roll) to their own address with a check/wang pos in the name of the old people. That way there will be proper records, and difficult to 'put some money in your own pocket'. Now, you call them to come to the hall in Mentakab - only a small number will be able to come --- so you pocket the money of all who did not come. Some would never have been invited - and these also you can pocket the money [How? Cash was given - so no records of who actually received - if wang pos/check, then it will be in the name of the old folks - more difficult to take the money for your own.

* I am sure the government would not have allocated just RM100 (for Indians) and RM150 (for Chinese) because Najib is now talking about 1Malaysia - and surely all will have received the same allocation.


* I am sure the BN government would not have been so mean, and given so little - Taking a Taxi to get to the hall, and to go back itself cost about RM30-RM40, and lunch and drinks would have cost about RM10- and surely, it is non-sense to just give people RM100...RM150. It is so cruel. A reasonable sum would have been RM1,200 (i.e. about RM100 per month) or maybe even RM600 as times are bad.

* What was that money for? I do not know. How much did the UMNO-led BN government allocate for each warga mas? I do not know. How much of the allocated money were wrongly pocketed by the BN ppolitical parties and politicians? I do not know. 

This is the problem with a lack of transparency - openness and information. There will always be a lot of speculation. And people always think that someone has taken money allocated for the people ...i.e. that there has been some corruption. 

The UMNO-led BN government must immediately disclose how much money was allocated for each Warga Mas in Temerloh? Was there a different amount allocated for Chinese and Indians, and if so, why? 

Are we living in an 'apartheid' kind of system in Malaysia? Are there different 'classes of people' based on ethnicity/descendants/forefathers country of origin/religion/...

OR are we really 1Malaysia - where there is only 1 Malaysian, and all are treated equally irrespective of where one's forefather came from (or when they came to Malaysia).

This is after all just a small thing that happened in Temerloh, where our MP is a Minister(or Deputy Minister), and there is one MCA ADUN and one UMNO ADUN. [There is one PAS ADUN - but, I believe he was not involved in this matter at all - as he was not from the BN]

Najib, explain the discrimination, ....and if there was no such discrimination, please clarify matters as this happens in Temerloh, a district in your home state, Pahang...

BN tidak hormati Warga Mas - Warga Mas diminta pergi Dewan, tunggu 3 jam, tanpa air minum, untuk 'sumbangan' RM100 selepas dengar ucapan YB.

Warga Mas daripada kawasan Parlimen Temerloh telah menerima surat daripada pihak Pejabat Daerah Temerloh untuk menghadiri diri di Dewan Mentakab pada jam 1.00 petang (25/2/2010) untuk menerima sumbangan Tahun Baru Cina dan Deepavali. Tidak ada agenda diberikan. Gambaran yang diberikan adalah datang Dewan, ambil sumbangan & pulang cepat.

Pada hari panas, kesesakan jalan berlaku dikawasan sekitar Dewan Sri Mentakab sejak lebih kurang 12.30 apabila Warga Mas Temerloh pergi untuk mendapat sumbangan kerajaan ini. Ada yang boleh pergi sendiri. Kebanyakkan terpaksa dibawa pada hari kerja ini oleh saudara dan kawan. Ada juga yang datang memakai kerusi roda.

Apabila sampai, mereka diminta mendaftar diri - di mana mereka tidak dibenarkan meletakkan tanda tangan, tetapi diminta meletakkan cap jari. Mengapa? Tidakkah tanda tangan memadai? Mengapa mereka didiskriminasi? Adakah kerana mereka tua?

Hanya lebih kurang pukul 3.00 petang (lebih kurang 2 jam selepas masa mereka disuruh hadhir) muncul YB-YB (dan YAB-YAB). Siapa yang hadhir saya tidak pasti. Saya percaya yang hadhir mungkin ADUN BN kawasan Mentakab, ADUN Kawasan Lancang dan mungkin MP Temerloh. 

Ucapan diberikan, dan selepas itu para hadirin diminta pergi mengambil sumbangan mereka yang merupakan duit dalam sampul surat tidak bernama/beralamat. 

Berapakah sumbangan yang diberikan? Hanya RM100-00 setiap seorang. 

Setelah menunggu dalam keadaan tidak selesa dan panas sejak pukul 12.30 tengahhari sehingga lebih kurang pukul 4 petang, ( 3 jam setengah), sumbangan yang diberikan adalah hanya RM100 setiap seorang.

Tidak ada air pun dihidangkan. Tidak ada makanan ringan. 

Surat daripada Pejabat Daerah dengan pandai tidak menyatakan jumlah sumbangan yang bakal diberikan - di mana jika diketahui bahawa semua susah payah pergi dan tunggu tersebut hanya untuk RM100, saya percaya ramai tidak akan membuang masa untuk kegiatan Barisan Nasional-pimpinan UMNO.

Mereka ini adalah Warga Mas, 65 tahun ke atas. Surat jelas menyatakan bahawa mereka perlu hadhir sendiri, dan tidak boleh menghantar wakil. Mengapa? Yang terlalu uzur tidak mungkin pergi ... yang tidak ada orang menghantar pada petang hari kerja tidak mungkin pergi - dan mereka tidak akan menerima sumbangan kerajaan ini. 

Sememangnya ADUN dan MP Barisan Nasional (dan kerajaan BN) serta pihak Pejabat Daerah Temerloh tidak ada perasaan hormat untuk warga mas ini. Tidak ada perikemanusian.

Mengapa perlu hadhir sendiri? Tidakkah lebih mudah menyertakan cek/wang pos bernilai RM100  sahaja bersama surat yang telah dialamatkan kepada warga mas berkenaan.Ini semestinya akan menjimatkan wang dan masa.

YB-YB BN juga menunjukkan sikap tidak hormat apabila hadhir, di maklumkan, hanya pada jam 3 petang. Meminta para hadhirin menghadirkan diri lebih kurang 30 minit sebelum acara resmi adalah wajar, tetapi pada hari ini warga mas Temerloh diminta menghadhirkan diri 2 jam sebelum acara resmi dimulakan...sungguh tidak hormat pada mereka yang tua (dan sakit).

Mengapa perlu hadhir? Satu sebab, yang saya boleh fikirkan, adalah untuk memberikan peluang kepada YB-YB BN berucap dalam dewan penuh sesak dengan warga mas. Jikapun, acara resmi bermula pada 3 petang, sekurangnyanya YB-YB boleh hadhir bermesra dengan warga mas mulai jam 1 petang.

Adakah ini makna 'bersama rakyat'?

Ada Warga Mas yang merasa sungguh marah dengan tindakan Barisan Nasional ini...yang bukan sahaja membuang masa, menyusahkan tetapi juga adalah satu 'penderaan' pada satu hari yang sangat panas di Temerloh, di mana air minum pun tidak dibekalkan? 

Ada juga warga mas di Temerloh (pengundi berdaftar) yang ingin mengetahui mengapa mereka tidak menerima surat undangan atau sumbangan kerajaan ini? 

Lain kali, khususnya untuk warga mas, hantarlah  sahaja hadiah(atau sumbangan) melalui pos. Hantarkan cek (atau lebih baik wang pos) atas nama warga mas berkenaan untuk memastikan mereka mkendapatkannya. Hormatilah  warga mas kami.  Hormati rakyat...Pentingkan rakyat...

ADUN dan MP Barisan Nasional  harus meminta maaf kepada warga mas ini. Kesusahan yang dialami untuk menerima wang rakyat RM100 tidak boleh dijustifikasikan.

Saya pun sangat marah dengan tindakan kerajaan BN ini...yang langsung tidak menghormati rakyat warga Mas Temerloh ini.

Same healthcare benefts for all 'Golden Citizens' as now given to 'Pesara'..

Pesara (Pensioner) are taken care rather well by the government - their healthcare is free..(yes - totally free), and this is very good. The UMNO-led BN government do care for the elderly - the Golden Citizens (Warga Mas).

But wait, this is not true.

Their care is only for the retired public servants (and spouse) - those who are pensioners. I wonder why this kind of special treatment is accorded to them.

Did they contribute more to the country than other Malaysians?

All persons, from the shop keeper, the restaurant worker, the lorry driver, the farmer, the fisherman, the construction worker, the government hospital workers, the police, the military personnel, ... all contributed to Malaysia and Malaysians as a whole..

Therefore, this discriminatory practice of just taking care of former 'public servants' - and not the others is very WRONG. Do not tell me that those public service have contributed more to this country that those in private services. [Public service already do have the extra benefits, i.e. job security (right up to retirement age), wage security (their salary,overtime, etc all get paid for sure), loan benefits (entitlement to loans at very low interest rates), pension (they will receive this until death - and thereafter the spouse until death), housing/uniform allowances/benefits, etc..]. Hence, when it comes to old age - other old folks (not those who were former public servants) should also be accorded the same benefits as 'pesara'.

With regard to preferential treatment, it must be accorded to all Golden Citizens (Warga Mas), irrespective of whether they were in public service (i.e. working in government departments) or in private services (working in private companies, farms, fishing boats, for private persons, self-employed)...

All privileges currently provided for the 'Pesara' (Pensioner) should automatically be extended too all Golden Citizens (Warga Mas). Free healthcare, discounts in public transportation, special living allocations, etc ....

Our old folks have done their part for Malaysia, and Malaysia now will take care of them...

What age?

Reasonably, it should be for all those above 55 years old.

Elderly should be those over 55, not 60. Maybe 3 million elderly in Malaysia...??

Finally, the government is shifting its attention to the elderly Malaysians. 1.45 million in 2000, and in 2010, expected to be 2.1 million. If we include those above 55, then the numbers will be even higher, and really the elderly should be defined as those above 55 years of age..not only those above 60, given the fact also that retirement age is still 55 for most Malaysians.

With its ageing population surpassing the two million mark by 2020, Malaysia will have to pay more attention to the needs of this group, says Sabah Chief Minister Datuk Seri Musa Aman.

The number of Malaysians above the age of 60 is widely expected to reach 2.1 million in 11 years, he said, adding the aged population in 2000 was just over 1.45 million.

He said the government was committed to looking after the welfare and to improve the quality of life of its senior citizens.

“This change in demographic will pose challenges to governments in providing them (senior citizens) with suitable health care and social services,” he said when opening the Sabah Senior Citizens Association building in Tanjung Lipat near here yesterday. - Star, 1/4/2009, Population shift poses challenge

For a long time the government's concern seem to be towards the pensioners (pesara) only, who were former public servants (also known as 'government servants' - a term used to, possibly, 'brainwash' public servants into believing that they must be pro UMNO led-BN, that was the government of the day. Now, after Pakatan Rakyat is also beginning to be government in many states - there may be a tendency to just use the correct term being 'public servants' - which also conveys clearly that first loyalty is to the people(rakyat)...not some political party/coalition which wins elections)

What kind of care should be accorded to the elderly :-

* Healthcare - thie should preferably free, and also easily available. [Maybe even need to have mobile medical units, with doctors, who will be able to go to homes of the very elderly (or the elderly who have difficulty moving around) to treat them, or even just give them a medical check-up]

* Food & Board allowances - maybe they should also be given a fixed monthly sum generally, especially those that are not under any pension scheme.

* There must be special travel rates for the elderly - air, sea, road, rail (for taxis too - and the government could subsidize the rest)

Assistance for the elderly must be through a government Ministry - not through the BN political parties.

Recently, I heard that MIC was collecting the data (and/or photocopy of NRIC) of the elderly Indians, apparently because 'they' were going to give the elderly some 'benefits'/allowances - but alas, not all Indian elderly will get recorded, especialloy those that are not in MIC (or have no MIC friend). They may probably be giving the elderly some monies that the government has decided is for them. Maybe, MIC just wants this data for some other reason - maybe Samy Velu wants to share his monies with the elderly to celebrate his recent victory...

But, if it government monies intended for the elderly, will all that is entitled to receive it get it? NO.

Will those who are entitled get ALL that they are entitled to? MAYBE, some may be siphoned into the pockets of the party...

Disbursing any assistance through political parties or 'elected political reps' causes problems. There is that problem of 'corruption', the problem of 'discrimination', the problem that not all intended beneficiaries of what is really a government allocation will recieve what is due. Like the fuel subsidy, moneys/benefits for the people should be disbursed to the people through the relevant government departments & ensure that there are sufficient public announcements on the TV, Radio and print media about these.

Finally, one good move to adress welfare of retirees/elderly in Malaysia

The government has long tried to give the wrong impression that it is looking into the welfare of the growing number of elderly - by talking about the pensioners...and improving on the pension scheme,etc - but alas that only will be assisting the public/government servants who are under the pension scheme when they retired.

Remember, that some years back, many public servants were encouraged to opt for the EPF/KWSP scheme - and many foolishly did so because their 'UMNO-led BN government' was telling them to do so...so they too did not fall under the pension scheme.

There have been much privatization - and many public servants lost their 'pensions' when privatisation happened...

If you are pensioner, you will receive pension payment (roughly 50% of salary, if I am not wrong) until you pass on (and then your spouse will receive that pension until he/she passes on) - while with the EPF/KWSP scheme, you get a lump sum payment when you retire, and nothing after that.

The problem that for most, this EPF/KWSP money is used up within a couple of years.

I know a man who when he retired, he had about RM70,000 in his EPF account. He was a bachelor and lived in a rented room, and in less than 7 years there was no more money left.

The Deputy Minister is right when he says '...that many EPF contributors used up all their savings within two years and were left without any source of income...'

Today, with the UMNO-led BN government's policy, persons are being encouraged to dig into that money meant for the old age ('simpanan hari tua anda') now - which translates into less money being available in their EPF/KWSP account when they retire - stop work.

Money in EPF/KWSP also today no more gives us that 8% interest - now it is about 5%.

Cost of living has definitely increased. Tolls, electricity rates, water rates, indah water, telecommunication rates, television, etc...

There is also a change in value systems. Now, persons are more concerned about the nuclear family (me, my spouse and my kids) and no more the extended family and other dependents...

And as such, it is a great concern for Malaysia whose elderly (i.e. 55 years and above) is increasing, and taking into consideration the average life span of men is about 72, and women 77. In 2008, there are about 1.3 million in Malaysia above 65 years of age [unfortunately the Statistic Department does not have information about how many are above 55 years of age..)

The Human Resources Ministry is looking into setting up a pension scheme for private sector employees so that their Employees Provident Fund (EPF) savings can last a lifetime.

Minister Datuk Dr S. Subramaniam said that through the scheme, the employees would receive a monthly pension instead of withdrawing all their savings upon retirement.

He said findings showed that many EPF contributors used up all their savings within two years and were left without any source of income.

“A pension will ensure that they receive a regular monthly income,” he told The Star.

The ministry was now drafting a working paper for the Finance Ministry. The scheme is under the purview of the Finance Ministry.

“We are still studying the matter and do not have a concrete mechanism for the scheme,” Dr Subramaniam said when asked how the scheme would work, if it would be a scheme by itself and if it would be made optional or mandatory.

He said the working paper would be ready in the next few months. The views of interested parties, such as employers and workers groups, were welcomed, he said.- Star, 16/1/2008, Ministry looking into ways to make EPF savings last a lifetime

Remember also as one advances in age, there is also more illness and greater healthcare/medicines, etc is needed.

As one advances in age, we also find that without an income - persons may no longer be abloe to pay for medical insurances, personal accident insurances, critical illness insurances - and also the fact that many of these insurances will no longer be available for the elderly - too risky.

Without insurance - many Malaysians certainly cannot afford the National Heart Institute (IJN) rate of charges - so maybe this may affect the Malaysian average life span....

Towards a caring government ...towards a caring Malaysian people...