As of January, 94,827 or about 35% of the 274,715 Employees Provident Fund (EPF) members aged 54 have less than RM10,000 in their savings.
Meanwhile, 4,877 or approximately 2% of EPF members of that age have more than RM1mil in their respective accounts, the Dewan Rakyat was told on Wednesday (Nov 29).
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Meanwhile, 4,877 or approximately 2% of EPF members of that age have more than RM1mil in their respective accounts, the Dewan Rakyat was told on Wednesday (Nov 29).
Read more at http://rb.gy/li6ysz
WATCH MORE: https://thestartv.com/c/news
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LIKE: https://fb.com/TheStarOnline
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NewsTranscript
00:00 For information, as of 1 January 2023, there are 274,715 KWSP members aged 54 years
00:12 or 1.7% of the total number of KWSP members, 15.7 million.
00:20 With their total savings for those aged 54 years, as much as RM35.72 billion.
00:29 Those aged 54 years with savings under RM10,000, record the highest percentage,
00:35 which is 35% or 94,827 members with savings of RM246.1 million.
00:46 Whereas, those with savings of more than RM1 million, record the lowest percentage,
00:53 with 2% or only 4,877 members with savings of RM7.9 billion.
01:02 For those with savings of 54 years, according to the environment,
01:08 savings as of 1 January 2023 are as follows.
01:13 I will divide the percentage, and maybe I will write it down in a smaller number.
01:19 Below RM10,000, there is 35%.
01:23 RM10,000, RM1,000, up to RM20,000, the savings are 8%.
01:28 RM20,000, RM1,000, up to RM50,000, 13%.
01:33 RM50,000, RM1,000, to RM100,000, there are 12%.
01:39 RM100,000, RM1,000, to RM200,000, there are 13%.
01:44 RM200,000, RM1,000, to RM500,000, there are 13%.
01:51 RM500,000, RM1,000, to RM1 million, there are 4%.
01:56 And those with more than RM1 million, as I stated earlier, there are 2%.
02:02 That's all. Thank you.
02:05 Thank you, Senator. Thank you, Minister.
02:11 The answer has revealed what is the general secret.
02:20 And looking at this, as we all know, 81% of the KRIB SP's savings at the age of 55,
02:30 is not enough for their age, which is required in the budget of 240,000.
02:38 And we are aware that this problem does not have immediate settlement, no quick fix with permission.
02:46 And we also know that only 16.5% of our country's workforce pay taxes.
02:55 The big problem is the structural problem, low wages.
03:06 I want to know my short answer, for the medium and long term,
03:13 what are the steps of the government, especially the Minister of Finance and Economy,
03:18 to overcome this problem, because it is a serious issue for the future of our elderly.
03:29 And it will even affect the group of 20-25 years old.
03:35 We must make sure that they are not saving enough.
03:40 Thank you, Mr. Speaker.
03:42 Yes, Minister.
03:45 Thank you, Mr. Speaker, and thank you, Mr. Speaker.
03:49 What my brother said is true, this is a legacy problem.
03:57 And it requires structural reforms.
04:02 So, among the steps of the KWSP to increase the savings to the Malaysian people in general,
04:12 first, the KWSP has provided various channels to facilitate the investment of the employees to the KWSP.
04:19 And for the employees who have jobs, they can choose to invest more in the investment of the workers' share,
04:26 which is 11% at a lower price.
04:29 And as of the first half of this year,
04:32 186,000 KWSP employees have registered to make more investments in the investment of the workers.
04:40 In addition, they can also invest themselves at any time through the Sukarela Investment Scheme
04:48 to increase their savings to the investment of 100,000 a year starting in June this year.
04:57 And this Sukarela investment can be made at any time through the Muda Ale application network,
05:02 BSN Counter Agent and KWSP Counter.
05:06 We see that in the first half of this year,
05:10 535,000 employees have made Sukarela investment with an amount of 3.93 billion ringgit.
05:18 The Aisayang Program, which was announced by the Minister of Finance,
05:24 allows the husband to make 2% and this year we continue or expand
05:31 and allows the working wife to transfer 2% of KWSP investment to their husband's account.
05:38 In the 2024 budget, KWSP has also improved the Aisaraan Program
05:44 by increasing the investment from 300 ringgit to 500 ringgit a year.
05:49 And in this program, Malaysians in the non-formal sector, including the working class,
05:54 who have no income under 60 years,
05:57 can be able to deposit Sukarela to Aisaraan and have the opportunity to receive maximum incentive of 5000 ringgit per person,
06:05 divided by the 500 ringgit for a year.
06:10 And we understand that this situation, as stated by YB Kuala Selangor,
06:16 is a structural problem in our economy.
06:20 That is why the government has launched the Madani Economic Framework
06:24 with strategies not only to raise the ceiling,
06:28 to increase our competitive power, but also at the same time to raise the level
06:33 so that the livelihoods of the people, including the income and wages of the people,
06:37 can increase at the same time.
06:39 That's all. Thank you.
06:40 [End of Audio]