As a result of Covid-19 related withdrawals, almost half of the EPF members have less than RM10,000 left in savings, and 3.6 million of them now have less than RM1,000. These shocking figures point towards the likelihood that Malaysia will experience a huge problem with a majority of its lower to middle income elderly living in poverty in the coming decade. So what do we need to do to address this issue? Sim Wie Boon speaks to Balqais Yusoff of EPF about the impact of Covid-19 on EPF withdrawals and the looming retirement crisis ahead. Image credit: Shutterstock.com

<p>As a result of Covid-19 related withdrawals, almost half of the EPF members have less than RM10,000 left in savings, and 3.6 million of them now have less than RM1,000. These shocking figures point towards the likelihood that Malaysia will experience a huge problem with a majority of its lower to middle income elderly living in poverty in the coming decade. So what do we need to do to address this issue? Sim Wie Boon speaks to Balqais Yusoff of EPF about the impact of Covid-19 on EPF withdrawals and the looming retirement crisis ahead. Image credit: Shutterstock.com</p>

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Ringgit and Sense

We explore financial themes and help you make sense of the world of finance. From setting financial goals, managing finances, investing and understanding the various issues that affect our wallets. Ringgit and Sense wants to help you understand personal risk profiles, realistic investment horizons, retirement planning, managing education loans and health insurance plans, as well as breaking down the various personal finance products that are available.

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