FOR most Malaysians, retiring to a comfortable life is like an impossible dream.
Most have barely enough in their savings to make ends meet when their regular income stops coming in, and many end up in poverty.
The Malaysian Trades Union Congress (MTUC) attributes it to the low salaries that most working class Malaysians earn.
“By and large, Malaysians are not prepared for retirement,” MTUC secretary-general J. Solomon told theSun recently.
Even in the “elite” group, such as banking, there are those who have to continue working up to 10 years after retirement because they need to support themselves, he said, adding that the main problem is that the majority of workers earn very little, resulting in low retirement savings.
A decision by the government to allow Employees Provident Fund (EPF) contributors to dip into their savings to tide them over the current lean period caused by the Covid-19 pandemic will only make things worse.
Some companies also offer very low annual increments. According to Solomon, there are people who have worked for the same company for 20 years but are still earning less than RM2,000 a month.
He said the government was prioritising employers, who are not giving a fair share to those on whose backs their companies were built.
Source : https://www.thesundaily.my/local/malaysians-unprepared-for-retirement-says-mtuc-IB2641082?fbclid=IwAR1oDfB08ebUcDn6EEvPSMJJLGIdbbmmadUanMEr7xzG4cBshtN5tEdb0Es