tags - Sinar Daily

Political advocate Siti Rahayu Baharin stated that the EPF withdrawal has shown the dire state of the country’s economy where the people have to rely on this scheme after being affected economically by Covid-19.

From April 1, EPF contributors can withdraw RM10,000 to ease burden after the Covid-19 pandemic.

Malaysia should urgently reform its social protection system to ensure the people would not face serious financial hardship in the future, said Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunus. - 123RF Photo

Malaysia is expected to return to some sense of normalcy as it transitions into the endemic phase from April 1. - 123RF Photo

A photo of a letter showing the salary received by a worker of an agency in Tawau.

Ideas warns that the government’s recent decision to allow another withdrawal of up to RM10,000 from EPF savings risks leaving even more EPF contributors with insufficient savings once they reach retirement.

Deputy Communications and Multimedia Minister Datuk Zahidi Zainul Abidin (middle) during Yassin and Tahlil recitation in conjunction with the National Artiste Day 2022 celebration at the Merdeka Studio Complex. - BERNAMA

Expressing his concern for Malaysia's ageing society, Malaysian Healthy Ageing Society adviser Professor Nathan Vytialingam said retirees will need every penny they could save in order to sustain a healthy lifestyle that can help reduce the risk of falling sick. - Picture credit of Malaysian Healthy Ageing Society

Lack of retirement savings could lead to social crises such as homelessness according to economists. - Picture courtesy of Johor Bahru City Council

University Malaya senior lecturer at the Department of Social Administration and Justice, Dr Noralina Omar said homelessness stems from economic pressure such as high cost of living, low wages, and education level to name a few.