Malaysians Could Boost Savings By 40% If They Delay Retirement
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Malaysians could boost their retirement savings by up to 40% but there’s a catch: staying in the workforce longer.
According to the Employees Provident Fund (EPF), working an additional five years can significantly grow savings, especially as people are living longer and dealing with rising living costs.
EPF CEO Ahmad Zulqarnain Onn said this estimate comes from projections that assume a 5% annual dividend and a 3% yearly salary increase. Under those conditions, extending your career by five years could raise your retirement funds by around 40%.
With Malaysia’s life expectancy expected to climb from 76 to 81 by 2050, the pressure to have enough savings for a longer retirement is only increasing. EPF stresses that staying employed longer can help individuals better…
