When I visited Malaysia, I saw people from all walks of life queing up for RM100 durians, many youths queing up for RM20 drinks. It seemed like Malaysians are earning ringgit but spending US dollars on non-food items. Story books at RM70, can of grease at RM40, car tire replacement RM400, RM20 drinks. These are all US prices when converted. It's a wonder then how Malaysians can afford things but yet I saw tons of Malaysians spending like they're rich everywhere. It's a mystery to me.
As Malaysian, I wonder why too..wait when there is long weekend..many flock onto highways and head to resorts.. certainty they never ask any money from me..its their own 😂😂..I guess they have the money to spend!
that's true, I've seen that as well. The public rushing to buy new things be it clothes, tech, collectibles, etc) when it is newly launched, go for RM100+ meal , spend all their money earn and repeating that cycle of tempted buying, having no savings.. when the rainy days comes, they blame this and that..
When I visited Johore Bharu from KL, I saw lots of Singaporean or Malaysian working in Singapore flocked into the city to pump petrol, buy cheap groceries and food. It's a wonder how they manage their time to spend just 2 days of their weekends to do such simple stuff in their own neighborhood
@@ST3066K SGD keeps strengthening, yet cost of living is still SO HIGH (imported goods esp food) should be cheaper, but Why food prices are skyrocketing? Why water tariff is going up by 18% 。
The main problem in Malaysia is our lack of financial literacy. During MCO our company was paying wages at usual time at usual rate. A big percentage of my colleagues decided to withdraw from EPF and use it to buy luxury goods. The general excuse is that its their money and they can do as they please with it. Its worrying as some of those categorised as B40 actually drank venti Starbucks daily. Most Malaysian suffered hardship due to poor financial planning and indulging in their wants. I try to educate my staff through my own actions. For example I bought coffee pods instead of buying overpriced lattes, I initiated weekly group lunch in pantry by cooking rice in office and bringing lauk to share. This is my effort educate people on how with minimal efforts you could always change your lifestyle and save more.
Drinking Starbucks vs coffee pods isn't really a good example. literacy in personal financial doesn't require anyone to be a monk. A good financial plan for daily life has a part that's for happiness / quality of life. As long as they know that the decision of drinking Starbucks is not buying something else they want, and they stay within budget they planned, it's all good. It's about understanding your financial situation, creating a plan, and sticking to the plan.
Malaysia needs a both a public and a private pension plan for the employees. They should pay into these pension funds during their working years. They will receive a monthly payment from both these pension funds. This is based on my personal experience. I receive an amount from the state and one from my company pension fund. With two streams of income, I am able to live a very comfortable life in my pension years.
People can't think beyond their future. Does not need financial literacy, just need bulletproof E.Q. and a bit of I.Q. Also, the trick is to not make a large family :'D
As Thai people who went to Malaysia several time since I was 9 years old. I remember the first time I came Malaysia in 1986, the country so much develop far beyond Thailand. But after series of visit I can feel the country still the same while Thailand grow up. And from the last visit year ago I can say Thailand start to leave them behind that remind me about Rabbit and Turtle's tale. Please don't get me wrong but the point is wondering what is going on
what can I tell u is since 2000 - 2008 they have plant a seed in malaysian mindset is u earn how much u spent all of it and u still have ur job .2008 - 2015 economy growing but all the elite class next gen move out no one spent enough money inside malaysia which the cash not flow back to malaysia they grow on other country so example father still work here give money to son/daughters to spend on other country . 2015- 2018 the trade with china all come to malaysia grow many didnt care about minimum wager fix on rm1000 below ,so all boss earn more than 100%+ profit , 2018-2023 is the worst time malaysia have to face all problem boom because of covid , all the boss are crying .
Malaysia has been developing a lot since 1986 actually. To say we havent grown by much is kinda false. Thailand has been catching up that's the thing. Also many countries failed to move to developed country status and are stucked in the middle income category. Example are Russia, Mexico, Brazil, Turkey, etc. The problem is shifting from a labor intensive economy to one that is highly skilled is not an easy task to do. Right now Thailand's GDP per capita is around USD 7000-8000. Once they reached above USD 10,000 that is when things get tricky. Because at that point Thailand is no longer a cheap manufacturing hub and whether Thailand can transition to high skilled workforce really depends on what type of policies they are doing right now. I havent read enough about Thailand's economy but I have a feeling that the Thais will be stuck too just like Malaysia at some point.
@@secrets.295 malaysia and Thailand have same problems. Malaysian : Gdp percapita 12k $ + household debt 10k $ Thailand : Gdp percapita 8k $ + household debt 6k $
@@secrets.295 If you think Malaysia has been developing alot since 1986, you are still living in a dreamland. People like you are the reason why Malaysia has completely failed. :)
"Nak beli susu pun takde duit, jadi nak buat mcm mana?" ← Cari income lebih la pakcik, takkan nak harap bantuan cash je memanjang. "Why think about future when we are dying now" ← Pakcik, kau susah sekarang ni sebab kau tak fikir masa depan. Gaji kau dulu 8k semua lesap, ada hati nak kata buat apa fikir masa depan. What went wrong? Very simple: Malaysians grew dependent on bantuan, cash aids, handouts, subsidy. Hanya tau nangis bila susah, mohon simpati. Bukan nak kerja keras, tapi nak emosi. Buktinya, ramai yg akan tak puas hati when I say these facts. Emosi lebih2, nangis, jerit, mengamuk.
i wont say that you’re wrong but there’s some crucial point that you ignore which is high cost of living.Those fundamental resources has been sought up by a landslide.
Betul tapi dengan cari income yang lebih, masa kau pon kurang. Hidup kau akan dipenuhi dengan kerja ja. Zaman dulu okay ja satu income boleh bantu satu keluarga...
Ni betul tapi bukan semua org suka kerja lebih. Dia sendiri yg hadkan diri dan upaya dia. Adik ipar saya, dulu surirumah full time, umur awal 40an, suami meninggal dia dpt pencen, simpanan dan kwsp suami. So kira cukup dah utk dia dan 2 anak. Tapi dia cari kerja jugak , jadi cleaner kat pejabat. Sbb dia rajin, trusted, company up jawatan dan skrg dah jadi ketua pekerja kebersihan/keselamatan. Gaji dah 3.5k, ada bonus, kerja dekat area rumah jer. Tu cerita org rajin padahal boleh jer duk rumah perabih duit arwah suami. Dia ni jenis pikir panjang, berdikari dan tak suka mintak2 bantuan.
At 75 I still have to work to support mahself. My children are finding it hard to make ends meet to support their parents. Retirement is a far fetch word.
Pathetic. The civil service have pensions whereas the private sectors depend solely on EPF savings that is inadequate due to inflation and high costs of living. Something must be done urgently as we become an aging population. This is a serious matter and not to be taken lightly by policy makers in the Govt.
It is the way the world is going- retirement in UK was legally raised. Idiot economists have hollowed put the poundvthrough overproduction. NHS (socialised health) is widely considered to suffer seriously as the population greys. Politicians have no real idea of widely commented criticisms. Companies are facing high costs- and won't pay decent salaries, while CPI rises and rises.
As a Malaysian, i dont like to blame just one party. I think everyone has a part in why this happened. The government kept pandering and listening to the demands of the people, which is not bad if moderated. but some of the welfare given was excessive. Surplus liquidity was shared when saving and paying down public debt was more beneficial, especially those petroleum heydays. Alot of policies were good like healthcare and scholarships. The student loans given were a great idea but giving discounts for payees was a political move to entice voters. On the other hand, whether Muslim or non Muslims Malaysians were a mixed bunch. Some desperately poor groups needed help but were not given for a variety or reasons while some rich well connected groups benefitted from government policies and handouts for purposes of vote buying. The most dangerous trend is increased borrowing from Malaysians, whether they were graduates or white collar professionals. Even doctors and lawyers were living on borrowed cash, the situation is scary.
We can’t just blame the government as the main reason why many Malaysians can’t retire, we gotta put the blame on ourselves for not managing our expenses and setting up retirement plan. If we’re born poor, it’s not our fault. If we die poor it’s our fault
@fabianmok2206, you have made some very important observations. Two key points arising from this documentary and good understanding of the past 20 years' history: [1] Malaysians (and most other people in the world) DID NOT SAVE ENOUGH; people borrowed instead of investing; people consumed and spent instead of savings; people behaved as if there were no future.....[2] Too often, the corporate and political leaders of the country (and not only in Malaysia) have robbed and stolen from their own people, leading lavish lifestyles at taxpayers' expense.....corruption....cronyism....greed....immorality...crime....violence against their own people....violence against dissidents and opposition parties....Malaysia, Haiti, Russia, China, Cuba, Venezuela, North Korea, Nigeria, and other examples show how the leaders of countries can enrich themselves to billionaire status and be profligate with their nation's' resources while the majority of their population suffers poverty, hunger, food-insecurity, housing crisis, inadequate healthcare, inadequate education-systems, and inadequate social-security systems.
@@brentshuffler1234 The USA is a paradise?.. Look at the rampant homelessness with a majority of Americans living paycheck to paycheck while the USa uber-rich become richer by the hundreds of millions or billions per individual. And USA has over 800 war-military bases everywhere on the planet which only enriches the politicians, oil sector, military corporations and banks while sending the bill to the USA taxpayers and actually rest of the world (since USD is the emperor reserve currency of the planet and is constantly being devalued). Based on the wealth inequality Gini index from 2019/2020, the USA is actually slightly worse than Russia & China 🤖.. The UK is one financial crisis away from falling below developed status with a QUARTER (25%) at least living in poverty. Italy, France, Greece, Spain and large swathes of the Western world are in deep debt. Germany is in industrial free fall. Japan, you don't see the homeless as they are hidden and, the country's debt is through the roof.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Penang Gov't DAP YB SP ( name Phee Boon Poh) he stealing my this sim card Digi number 010xxx7342 is my name and my Ic number give scammer Boss Dato'Gillian Teh Yeong Keat and Dato 'Teh Yong Khoon company in Eng Teknologi Holdings SDN.BHD and Eng Teknologi SDN.BHD do system WiFi business dirty, also stealing copy link share my Nokia software small phone using system business FB WiFi, I all report police, because my small Nokia phone software no have Facebook, so many times I going to Burma Road Digi Centre Penang area complain,there maxis centre are have Cctv camera centre also, in JB area Digi Centre ganga bay area also complain ,hindu guy Digi Centre call me charge Sim card number, i don't want because this is my own Ic number and own money buy this sim card Digi number,not a contact sim card Digi number, after in JB go to take another sim card maxis number contract,because i need to find job ,my Nokia software sometimes cannot ring and call ,give this company Boss scammer Dato'Gillian Teh Yeong Keat factory stealing share running system FB and system WiFi business dirty share,they all using Gov't DAP YB SP Phee Boon Poh license stealing link share, i don't know they all always stealing my Digi Sim Card number line ,all i report police in Penang and JB area also, but police always thinking I liar report police and i Idiot , because police penang said to people , i Idiot girl and OKU girl in Penang, my FB Vinnie Tong lost and other's FB also, more than 5 FB give scammer company Eng Teknologi SDN.BHD stealing,4 FB can Find ,4 FB is Ooi Seng Tuck find for me ,don't know using who license Gov't, one FB Vinnie Tong lost, ooi seng Tuck cannot find ,because scammer company HR manager Lee Siew Gaik change name,,change photo and change password, she do bad thing m FB VinnieTong,after i stay in JB R /F are ,they all say to people i idiot ,i just know all the thing,his Gov't HARAPAN DAP YB SP (Phee Boon Poh)do bad thing my phone Nokia software and my sim card Digi number, they all scare me know, this YB SP Phee Boon Poh do bad thing My Digi Sim Card number,and Penang Gov't DAP CM CHOW KON YEOW PM Lim Guan Eng and YB Teh Lai Heng, YB yeoh Soon Hin and YB SP Phee boon Poh stealing my EPF money do bantuan,also Gov't HARAPAN DAP CM CHOW KON YEOW, PM Lim Guan Eng, YB Teh Lai Heng, YB yeoh Soon Hin, YB SP Phee Boon Poh, and PM Anthony Loke link family in Jalan Tengah,Bayan Baru, B.Lepas, Penang. also stealing into my flat more than 5 times,they all not inside Jail yet, about Digi Sim Card number, i also going to Burma Road Digi Centre report because someone stealing my phone Digi Sim card number 010xxx7342 money using internal Facebook Vinnie Tong, this FB Vinnie Tong already lost so many years, all report police,after i stay in JB R/F in A2-1 Apartmemt Lim /Ling 25-06 ( 6 months contract) , Director Lim Fang Wei using bad thing my name do WiFi dirty to this scammer company ENGTEK, Boss name is Dato'Gillian Teh Yeong Keat also Dato 'Teh Yong Khoon,because my sim card Digi number no money do give his company Running System internal Facebook and WiFi business dirty call customer,they using my Nokia software ,call people my Apartmemt room do my letrik do my charger problem and cannot using, also do my phone sometimes no line cannot call, I call people help me do back,but charger letrik already cannot using, this company Boss scammer Dato'Gillian Teh Yeong Keat speaking to people, if i and my company give police catch, i and my company didn't do wrong, this picture guy Gov't DAP YB SP Phee Poh must go to jail, because is he stealing Tong Hooi Hwa Digi Sim Card number 010xxx7342 to my company ENGTEK do System WiFi business dirty and do WiFi system Facebook, year 2016,PM Lim Guan Eng also with this company scammer Boss Dato'Gillian Teh Yeong Keat stealing my EPF money, talk out by his company HR manager Lee Siew Gaik, that time PM Lim Guan Eng is CM Penang, business WiF, he and Scammer Boss Dato'Gillian Teh Yeong Keat using dirty "Suspect Facebook me ,after stealing my EPF money, Year 2016,I'm Tong Hooi Hwa not a "suspect girl" in company Eng Teknologi SDN.BHD, now change name ENGTEK company in Bayan Baru, B.Lepas, Penang. Gov't DAP YB Yeoh Soon Hin, YB Teh Lai Heng,,they all link family with scammer company Boss Dato'Gillian Teh Yeong Keat and his family Boss in Penang, now this company change name ENGTEK company in Bayan Baru, B.Lepas, Penang. ,Pls.help.me link out true story, because this guy Gov't DAP YB SP (poh)do wrong, this company Boss scammer Dato'Gillian Teh Yeong Keat using Gov't HARAPAN DAP CM CHOW KON YEOW license do bad thing stealing copy my Apple IPhone software, also smartphone Oppo software, now Samsung galaxy phone software also, I go to maxis centre ganga bay area, molek Centre area report, they all no want to help me, they all said me idiot, call me go to shop samsung galaxy phone settle, also same no settle, last I just know molek Centre Boss JB area also same gang with property LIM FANG WEI do bad thing my samsung galaxy phone software and Ooi SengTuck, also NCP sham Penang, they all help this company Boss copy my Samsung galaxy phone software to them company using system business WiFi,and Facebook system WiFi, please help me link out, because this Contract sim card maxis number is 2 years, samsung galaxy phone is one year carrenty, every month I pay Rm60/-dollar to scammer company ENGTEK Boss Dato'Gillian Teh Yeong Keat using, they all using stealing copy share my samsung galaxy phone software without Ic number they all, this company using money already can buy people,also using moneycan buy police and Gov't, Dato'Gillian Teh Yeong Keat also said to people, i want what ,all can get, also want Tong Hooi Hwa no Smartphone H/phone using,also want me no money, want do me until I poor, want take all my thing they all stealing, police cannot catch them one, because they all link family with scammer and thief Gov't DAP YB SP Phee Boon Poh, YB Teh Lai Heng and YB Yeoh Soon, because in Penang Gov't HARAPAN DAP CM, PM and YB big,police and Yg-tuan Agong pulau pinang also eat their food, Malaysia want stand- up also must see they all face, pls.help me link out my true story, thank you
You mean weak knees? EPF is only strong because of its big sovereignly funds managed by credible management. Imagine if it's being withdrawn in excessively. The power of investing will become weak and will further erode if the people without the right skill are placed to manage them. So far for the past few years after covid, the dividend returns have been reported healthy. Those who can continue to sustain the cost of living without withdrawing their savings will at least have something to rely on after retirement. Government of the day plays important role to ensure this by reducing government expenditure wastage and have good vision to improve people's wellbeing, helping only those that really need assistance temporarily until they are able to standup again. Teach the person to fish, not handing out fish all the time. Reduce blanket subsidies and use the funds to help those in need. The people must also play their own part and not expecting and relying on handouts from government all the time.
The worst part is the people working hardest are getting the least remuneration for their efforts and then shamed in the media for not taking more hours, more work despite the poverty wages. 40% of people in work need state support. That’s a reflection of greed not poor work ethics by working people. This is being done by design, by greed.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
*Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Me as a malaysian dont come from rich family. Din go overseas for studies. Work & study for my professional course. Work hard when i was young. Think we should not always blame others. Dont spend when u cant afford.
"spend when you can't afford". What an extremely true, easy, strange concept. Almost nobody wants to live within their means anymore, causing lots of problems for themselves later.
Studying overseas doesn't guarantee anything. My friend graduated from Japan, then graduated from a top uni in Malaysia. His salary was 2.3k, and after jumping companies 3 times in 2 years, only grew it to RM 2.8k/month.
@@AnwarHaikalRuslanWhat??? Then he shouldnt come back to Malaysia at first should've migrated to better developed countries with better paid what a waste
I am a retiree, before I marched into my retirement age, I was thrifty to make sure that I do not overspend my retirement fund. I do not buy expensive goods and I do not eat at expensive restaurants, I make my own coffee at home, yet I can feel the inflation pressure on goods and services. However, what I witness among the youngs in Malaysia is, they are very generous in spending, new cars everywhere on the street, if there is a new car model launching, you can hear waiting time for a new car is 6 months to a year! Similarly, young people are queuing up in front of expensive restaurants for food, branded goods are selling like hot cakes among the youngs.... I am wondering, where do these young people get their money to pay for the luxurious goods and services? I have asked a few young people, they said they have a few credit cards, so they can roll their debts over and over...... sad to see this phenomenon in Malaysia!
this is happening all over the world sadly enough, it's just that most youth have easier access to internet, thus easier exposure to adverts from websites/popular influencers
I am a gen z that is well aware of this problem.. currently just started working with RM 2~3K per month , right now I'm just trying to save as much and decrease my spending as little as possible (have to pay my college debt as well..) , seeing that uncle with a wage of 8k still falls into such state just hits the reality even worse. All we can do is pray that we have enough for any emergencies, god forbid getting any health issues upon yourself..
Good for u. Honestly irregardless how much u earn, if u r not smart with money, u ended up working as slave till old age also. Only that u can drive better car & bigger house. When u old, those don’t matter anymore.
ya by eating only roti canai tat cost rm2++/pcs 3 meal a day right? so that no nutrition for body n brain , what a genius way to keep 99% stupid where d 1% elite takes all..
Their lack of financial wisdom is truly glaring. Can you imagine the kuih seller thinking his kuih business can generate more income than the EPF profit rate 😂🤣😅
Agreed. EPF is longer an old age security for retirement. The recent proposed flexi withdrawal make things worse. Members will happily withdraw their savings meant for old age and deplete it faster. The time bomb retirement is ticking faster. Should not bow to Public pressure to allow withdrawals. The sole objective of EPF as an old age retirement fund will be defeated. Hope the policy makers take cognisance of the intention why EPF was established in the first place..
@@smaananbecause, he didn't resort to crimes, robbery even when the going gets tough..anyone who earns an honest living is a good man. WHAT THE FCUK IS WRONG WITH YOU??
If you focus on KL or urban areas in West Malaysia, you would come to that conclusion. But not for the rest of Malaysia. We are not filthy rich like Singaporeans but we are doing just fine. Most of us own landed properties or have our own land to build house. It is just a matter of how we spend our money and our will to survive. Our elders are well taken care of by the community. Our kampung spirit is still strong and we won't allow anyone in our kampung to starve. So far no one in my kampung has to starve because of financial problem. If we measure wealth based solely on cash we have, by definition, we are poor. But, are we really poor, if we have land, cultivate our own crops and catch our own fish etc? For the retirement thingy, the community should take care of each other. Not that we don't have to plan for retirement but we as community at large should play our part too.
The rural area is also getting a lot of financial aids and subisidies, which costs the government, which is then funded by taxation, which is a toll for the M40 folks paying your bills. Mind you, Malaysia M40 categorization has lower quality of life compared to an average citizen in a developed country (eg, Singapore). This is why you see this strain in urban areas, they are paying the bills for the B40, while getting screwed by T20 bosses giving low pay. Total respect to those proper kampung folks who are very satisfied with their kampung community lifestyle. But, if you are receiving government aids, don’t claim that you are fine until the day you can survive without government aid.
@@ZenonENTX If they are Muslims, there will always be Bantuan Zakat paid by Muslims regardless of their economic status. As for government aid, they would survive without ones nonetheless. Never underestimate the kampung folks when it comes to surviving.
Almost everybody thinks that rural folks are mainly poor. You are dead wrong. They are more financially stable than you think. With primary commodities sky high, they are making tons. With landed properties and effort they can become rich by toiling their land. A vegetative plot can give them good income. With a small sizeable land for tree crop they make tons ( eg. coconut , durians, fruit trees and oil palm plantation). They will never die of hunger compare to town people. Nothing to eat? They can grow their own vege and sell. Never underestimate them. Many driving double cabin (semi truck) compare to town folks produa. As for the town folks selling goreng pisang and nasi lemak or roti canai by the road side, many are earning junior to mid level manager income. They seem poor but don’t be be betrayed. Their job may not be attractive but their monthly profit is saliva watering. If you have a pasar malam store, you can live comfortably. Don’t believe me, go and see and experience it yourself. Just go into the interior and remote areas in Sabah or Sarawak, they are driving 4 wheels compared to the two wheels in town (if you know what I mean). Those suffering are usually living in town whose salary are static. You still can make some extra earnings by taking additional jobs. But this is tough.
Corruptions is the main factors that is to blame. Poor governance for the country interests and greedy mentality of the politicians becomes the norm. Sad that a country with rich resources and manpower cannot see any economy progress. Anwar is the only hope, but a tough uphill task in hand. I wish and hope that all the corrupted billions can be recovered and jail those greedy ministers, from the top down.
😂 Anwar is just talk. He just lost the opportunity to strengthen Malaysian unity and economic with unstoppable issues and issues. Just talk and talk. He should stop attacking his political opponents with nonsense political perceptions and unjustified action against the opposition states
@@harithhumam4372 the unity is already there. It's only those majority groups with PAS mentality is blocking it. Everyday using religion saying others want to undermine Islam. Nobody in Malaysia can do that but they want to use the same scaring tactic like mahathir did. That's why Mahathir is the advisor to them. Name calling like kafir in a bad way doesn't help either.
Speaking as a college student, when the government handed out RM150 to every undergraduate age 18-20 in last August, all my friends spent all of it in matter of days, that speaks volumes really, saving money is unfortunately such a foreign concept with Malaysians nowadays.
great observation! saving is the starting point. learn about financial planning aka investment as your life skill in going forward. common stories like graduating and earning "peanuts" while slaving for years model is just a model that most fell into. this is how most of us all trained to think. fifth person is a good site to start your journey to an alternative model.
The only solution is you do not retire. Work as long as you are still able and breathing. You may change to a job that an aged person can handle. It's harsh but it's reality.
Singapore has been hiring back their retirees to fill up jobs that requiring less effort like janitorial work and that can be something to think about. Senior internship opportunities can also be a good plan.
Untuk saya, orang Indonesia, juga sama susah nya menabung duit, tapi saya mulai belajar strategi, untuk menabung dengan goal atau tujuan untuk mengcover pengeluaran selama paling tidak 6 bulan, kalau tujuan sudah tercapai, lanjutkan saja terus dengan goal yang sama, jadi jangan dipikirkan dulu untuk retirement atau pensiun, yang penting menyimpan duit harus ada tujuannya. Ya memang orang kecil seperti kita ini, memang harus mengencangkan sabuk, untuk menyimpan duit, tapi memang kita ini hidup juga cuma untuk memenuhi kebutuhan yang benar benar perlu saja, dan yang tidak perlu, itulah yang bisa disimpan atau ditabung.
Singaporeans love to complain about the current ruling party. What most don’t realise is that we are very fortunate to have a strong stable economy, zero racial driven policies and a secular society compared to our neighbours. We can never be 100% satisfied with all policies and how things operate. But we must be grateful that we Singaporeans have it better than the rest. SGD 1 = MYR 3.5 thank you.
Many private & Public companies in Malaysia including GLCs are paying ridiculous wages and perks to CEOs and Directors (mainly politicians} while paying peanut to the rest of their ordinary staff. It is not only unfair but had increased the gap between the rich and poor.
You're fkn delusional if you think high earners are the problem...even if they give you all their money you'll still have the same problem and no one to blame
Some truth... a few of my friends be it malay, indians and chinese during government approved epf withdrawals .. most malays- i want to take the money out to buy gold and for emergency or put it into a place where i can access easily. Some Indians- i want to take some money out because this is one in a life time and keep the money in my pocket just in case. Very few Chinese- i will take minimal money out to dump it into the share market and keep some for rainy days. When they allowed epf withdrawals, some of my malay friends wanted to take it out but i explained to them the consequences and losses of future earnings. They listened and decided not to take out as well. Some people are not poor but they live like they are very rich in malaysia. Once salary is out, they will take out almost 100% to buy whatever they want instead of do some planning. Some will have a lot of kids that is not equivalent to their salary scale.
True, some people also need to change their mindset that their kids are their investment plan. Totally not applicable for the future. They will only turn their kids into 'sandwich generation'. Your current-self is your own future investment. Save up, gain knowledge, and plan well whenever you can (including how many kids you can afford). Kids are your 'amanah' from God, not your trust funds.
That guy Sukhvinder when asked what makes you happy? He said instead of money or other excesses' that my parent's are still alive', outstanding person.
Back in the late 90s, at my company, a few directors were retired at 55 which I thought is really terrible mismanagement of this country under Mahathir. How often do we come across educated intelligent managers and this country is forcefully retiring them when they should continue to serve till at least age 65 in view of their valuable experience? After they left, nepotism comes into play. Not meritocracy but kakicracy.
a country with so much resources... oil, gas, gold, tin, rare earth....and the country is going backwards and ppl suffering since independent 1963. very sad case.
@@leealex24 i didnt say that there aren’t people in Malaysia who are doing well. Of course there are. But i genuinely wanted to know how the commenter came to the conclusion that Malaysians in general are better off than Singaporeans?
Thank you CNA insider who concerns about Malaysia low salary yet High living expenses, thats why many of us sacrificed or are forced to work in our neighbor country : Singapore 😢😭
Is not just Malaysians depressing our local wages. It's the PRC, India Indians and others due to Singapore's addiction and over reliance on cheap foreign labour.. last time crane operator, safety officer Singaporeans still can go into now..all getting invaded by these people. Talk about cost of living? I believe our cost of living in SG outpaces that of Malaysia.
@@moonstarsun633 those who are on the ground see this as stark reality. Dun keep listening to those Ivory tower people keep accusing us of xenophobia. Anti foreigners etc. Already in 2014 my office was in changi business park. Lunchtime it become Chennai business park.... Now in 2023? So much worse off.. why so many locals rather work as grabcar or grabfood doing such hard work without CPF? Pls lah. There is a reason and most of the reasons are legit. The rest of the Singaporeans. Wake up and do the right thing. This isn't just about yourself but future generations
@@moonstarsun633At least Singapore cost of living is relatively cheap compare to Malaysia, with our purchasing power dropped lowerr than ever before 😅
One way is to keep raising the age limit for retirement. However, this is not good. Its a tragedy if a workers has to work until 75 years old if he does not have enough EPF saving.
It would help if you started making investments while still working. The first two years could be hard, but once you learn the trick and gain the dividend, you will wish you had started earlier.
Salam from Indonesia, I am very concerned about the situation in Malaysia. I want to compare it with the situation in Indonesia. Indonesia does not recognize social security; the country will abandon those who lose their jobs. However, such circumstances have made the lower class have a resilient spirit to work on anything without expecting anything from the government. It is not surprising that many migrate to Malaysia and become manual laborers there. The poor in Indonesia can still laugh freely even under the pressure of poverty. Their standard of living is low, so they do not expect more, and furthermore, prices in Indonesia are also low. I am fortunate to live in Indonesia."
the problem is a national problem. if your currency can drop against sgd from 2.2 to 3.5 in 10 years, your money drops more than 50% value in 10 years. no matter how much u save, its useless. Malaysians should also learn how to invest in foreign investments and not in their own government/country (till their government put an end to corruption) to preserve their wealth. On top of that, Malaysia have a lot of other problems like education and losing talents that needed to fix.
@JJ_house Not only Malaysians but ANY PRs working on the island, who can EASILY QUIT PR, and TAKE LUMP SUM withdrawal CPF savings and leave SG and return to retire in their hometown or in another country. Cos SG is NEVER a good place for COMFORTABLE retirement, that is why even some SG ppl have joined the Malaysia My Second Home (MM2H) programme.
maybe have a govt provided pension funded by govt investments in stocks, bonds, etc (sovereign wealth fund). Govts with currency sovereignty cannot go broke. Individuals can. Retirees should be able to afford a new car every 10 years, to stay in their home (able to pay property taxes), yearly cruise or other international vacation, 2 domestic vacations, and dozens of books and daily entertainment, food & drink. To paraphrase a certain captain: "I don't wanna just survive. I wanna live!" The question is: should you work for the economy, or should the economy work for you?
@@yuki-sakurakawa a currency is only as strong as the people trust in the government with a little of currency exchange rate management by the government who own the currency. They can go broke when nobody trust them. With Malaysia's outstanding reputation of corruption, they probably would not be reach that state anytime soon but i am sure they are heading there. Pension funds, in Singapore analogy, something like our CPF, is not going to be very useful, firstly, they can promise you $500 withdrawal monthly, $500 now is little, imagine after 10 years of inflation, how much would that be? These funds cannot be increase drastically either as this would only stress the future generations as future generations would have the burden to take care of the elderly. The country cannot progress. People have to take charge of their own retirement. Pension funds should only put livable meals on the table for him/her daily, simple abode/shelter, utilities and nothing more. if they want to live, its on them. While I understand these are my thoughts, these may not reflect the thoughts of many Malaysians. it is up to their own country to decide how they want it to be and sort out on their own.
I agree i think the move of allowing the KWSP to be withdrawn is a bad idea regardless. KWSP account 2 itself has multitude of function such as monthly house payment, lumsum house payment, education payment and so on. Moratorium + monthly house payment from KWSP could have helped people rather than taking it directly. The gov should have concentrated more on lifestyle, controlling the price hikes, managing the ever stagnant pay rate, inflation issues and so on. Our pay rate has never been inflation based adjusted at all Also we need to encourage our youngsters to go to tertiary studies, build hand skills and so on. Nowadays, many youngsters want to do Grab and drive lorries because they say it will give more money but in long term it would not be enough.
This administration is putting many families in difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. Things are getting worse these days, if you don't find means of multiplying your money you might wake up a day to realise you didn't plan well for yourself and family.
I agree with you and I believe that Professionals are currently dominating the market since they have access to both the necessary strategy for making money in this industry.
That's awesome to hear. I invested 5k in Robin hood about a year ago and it steadily went down, now my portfolio is down to $800. I don't know what to do and i am in between jobs
@@Florencecoxx Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances.
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the expertise that assisted you and how to get in touch with him.?
But our compulsory superannuation contribution each year helps towards our retirement. The government also allowed some withdrawals during Covid but not to this extent
I've protected and saved my superannuation from the very beginning - consolidating into one account, selecting the investment option based on age and risk, and watching it closely for fees or unpaid amount from employer. Now in my 40's it's half my working life over and careful planning from here on out. Many of my friends and colleagues don't watch it / don't know how to, and they are flying blind heading for a retirement that has more questions than answers.
Actually many Singaporeans also cannot retire and have higher medical expenses, and have to either continue working beyond 65 (if they given a chance to be employed) or they sell off their only home to live in their children's place or if possible live in one room rental flats. this is also the sad predicament in Singapore. Just ask around and look around
Maybe true for some but majority of the Singaporeans have been enjoying their own country for decades now, the quality of life is top notch there and of course, there is a heavy price tag but for them, I think is worth it.
My uncle withdrew so much from his pension during covid. I know because he came to me every time to help with the withdrawals since he's not savvy. He youngest is only 5 years old. Wife not working and lots of family issues. Can't begin to think about his retirement
If you have sufficient balance, don't withdraw your EPF at 55. Just withdraw the dividend every year. Withdraw a small amount of the principal if the dividend is insufficient to use in one year. Your EPF money can last a long time.
EPF should stick to their principal and not let any withdrawal due to any circumstances, they shouldn't let their citizen withdraw money for short term usage which will cost more in the future.
EPF has departed from it original purpose as an old age retirement fund. The recent flexi withdrawal is another setback to deplete savings. Most Malaysians have got caught in the debt culture of spend first and pay later. So easy to get a credit card.
simple thing to do- don't buy things you cant afford and luxury items just for showing off, eat clean, don't eat outside, make small business from home, plants your own food, and maintain this life style. don't stay in big city, if you want to stay in big city, you need to have business and 2 jobs to maintain your living. ...i took out kwsp to help me build my small business, and its going well now. not so much earnings, but it still affordable to maintain our simple family life
As a Malaysian, i can assure you that the people did not suffer much during covid, people withdraws retire funds from EPF to buy Iphones and other luxury items.😂😂😂 Our spending power increased during covid by so much that there were inflations everywhere due to shortage of goods and increased demands for it.
As malaysian myself i would say failed goverment to manage our country,that's it!!!.They put politics number 1 and progress our country number 10! and that's why all rakyat were affected.
The politics has been gamed since rise of Tun Razak. Once politicians (with their gang of bad apples) set a foothold it is hard to get to rid off. Look at the Macrons and the Thaksins.
I went to singapore and see old people working in mcdonalds..kfcs..hawker centers..cab drivers..helpers at malls.. I dont see this in malaysia..except maybe cab drivers.. Wonder who cant really retire…
@@espadac4746so 60 percent of elderly in Singapore are working out of boredom?and all of them are secretly loaded and living in nicely renovated 4,5 rooms or condos,they just have some sort of secret desire to wash toilets and clear dishes and work in McDonald's at 65? Rather than spending their golden age chilling at the beach or at rws casino playing slots?
@@detox78 there's a difference between the country being rich and not wanting to help the poor and elderly struggling for survival... The people can protest and fight for a better life for the elderly but the population is gullible,
38:48 touched on life expectancy... So true. People are living longer than ever, so there is a real need to plan for a longer retirement period. This honestly frightens me. If i want to live comfortably and not just to merely meet basic needs, i can't see myself retiring at age 60. With inflation becoming worse than ever, the anxiety is so overwhelming
There are pro and cons. Life is unpredictable. At least those who have worked hard especially labour intensive work should be allowed to have a full lump sum withdrawal so that they can enjoy a few years. Whats the point of drawing an annuity of SGD 500 to 1000 per month for the next 10 years.
SAME stories with the Philippines, the BIG problem is the lack of Financial Literacy among Filipinos, as they are SPENDING more on their wants, rather on their NEEDS.
But your situation over there is much more worse than them, at least for them, (economically and in industrial terms) they have their own brands and their own makes that they can improve preserve and flourish in many years to come, While on the contrary, the philippines don't even have even a single brand or product they can call their own, investors are packing up and leaving due to hight costs of amenities, labor and electricity to name a few, And more are illiterate in all aspects, specially in financial and practical matters,
It is strange that average hard-working Malaysians have no pension other than their personal savings, while do-as-little-as possible government employees get generous retirement pensions?
Majority of people I know personally can retire before retirement age if they do not bother about wealth accumulation. The ironic is that people classified as not needing help are doing fine, and people classified as needing help are getting worse as years gets by. As other commentators have mentioned, those who think they cannot retire are the ones over spend. I live like what some commentators mentioned, make my own coffee at home, do not visit restaurants rated $$$ and above, don't use branded goods, etc. I drive a national car, my first car till now, over 20 years. 5 years ago, at 50, I semi-retired and halved my income. I plan to retire fully by 58.
problem with people is SHOW OFF, if i can afford a honda civic, i will still buy an axia, in the retirement day, i can afford a civic, while people need to sell their civic and cant even afford axia, probably find it hard to eat 3 good meals and using a bike That is why learn Delaying Gratification, work hard, Dicipline and also dont underestimate the POWER of CHARITY and GIVING, even u are poor, give more, give and give, soon u will find u become rich out of nowhere, or perhaps some opportunity u never thought of, or maybe u even think come from your own hard work, but actually is BLESSING from above
Savings was totally nonexistent in my mind before Covid, but when it comes, it went downfall real quick. I lost my job in 2020 with near to none savings, I was 30 that time. Tried interview for a few positions, but all of them offer to pay me well over 2k like a fresh grad 😂 I’m agree with what Dr Mohammad Abdul Khaled said ( 21:24 ), it’s irresponsible for government to do that, but still I did withdrawn 10k, it served as starting budget for me to get out of this country to start over in sg. Now I have satisfying and stable income over here, but I’m still not sure if I should contribute to Epf. I know Epf annually 6% is a great investment, but mind you now ringgit is also depreciating at 6% annually too😂
Yes correct been working in GLC, gov agency and public listed company. Msia company culture very bad everywhere. Organization does not growing, stagnant, many political unimportant things.
Because most global companies don't want to operate in a Malay majority country, known to be lazy, they prefer Chinese majority country like Singapore.
My friend from Malaysia recently went to SG and he said he was quite surprised by the number of elderly working there. Question to Singaporean friends, generally, are they working just to pass time or do they really need the money? Thanks
Hi CNA, did you do any fact checking about the guy who supposedly walk 320km in a few days? Do you guys know of the controversy that people were only managed to track him about 50km? He walked at first, complain about difficulty to breathe and then rode at the back of a lorry the rest of the way? Do you know who sponsored his so called "protest"? Do you even know whether he even has EPF, the thing that he supposedly was fighting for?
The handout mentality among many Malaysians are easy fodder for unscrupulous politicians to manipulate with such brainless drama to ask for quick & easy money. These clowns, together with the racial and religious bigots are holding back the country's progress.
Honestly watching this makes me glad for our CPF rules, and politicians not bending willy-nilly to public pressure. They have no one to blame but themselves for the situation they're in.
Maybe that’s why the government has such a policy. But most people don’t have assets. So I’d personally consider the majority who doesnt, and it’s also worth noting that people tend to spend when they have a wad of cash, its human nature, although not everyone obviously. So it’s sensible to lean towards this side for the greater good of society.
Problem is not pension fund. The ppl struggling doesn’t have much to contribute into pension fund because of low wage. Drawing a few thousand here and there only matters for a few months after retirement.
Spending money is pleasurable simply because we got no other forms of entertainment other than eating and online entertainment, life is short, don't get married, just spend and leave earlier
Singapore the immediate neighbour, also has the similar problem with livelihood. The Singaporean cost of living has increased drastically, too, since the Pandemic. Even before that, the property price was skyrocketing. The Singaporeans have to have more than two jobs to keep up. Very absurd vicious cycle for "the wealthiest Asian Country". Chasing after money is their most success at the cost of living it.
LOL are you a dummy? Clearly, you don't live in SG because basically no one needs to work "more than 2 jobs" to keep up. Your lies are so obvious. Many SGreans are more well off than you poor Malaysians, whining on the internet because of your jealousy towards SG is so PATHETIC🤣. Being lazy and expecting money to fall from the sky is what you Malaysians are good at. Also, fix your grammar.
HOW TO INCREASES INCOME & SAVINGS (POSSIBLE SOLUTIONS) : 1.People need to SAVE more (e.g. Dividends offer by KWSP must be attractive at 7%, MyASNB should give attractive dividends for people to SAVE at 7-8%), 2.People need to UP-SKILLS themselves (Govt need to encourage this, through lower FEES for technical training colleges, etc.), Up-skills means BETTER salaries offer by companies, 3.Govt needs to MONITOR the prices increases by irresponsible SELLERS. 4.AND a few more govt efforts.
Corruption, lack of innovation, laziness, refusal to innovate, education issues, brain drain, religious and racial divide, identity crisis in our multireacial society, and most importantly, Malaysians with the drive to succeed are not here anymore and more will be gone very soon.
And sadly, many of them can't wait to put Singapore down, the fact that Singapore is not a perfect country, hence, they always will find some fault, bad attitude, that is. A sad reality for decades, I hope Malaysia can progress more.
EPF withdrawals should be made possible in case-by-case basis. If allowed across the board, many who are financially illiterate will misuse it to buy a new car or phone...
It was never gonna be case-by-case, that would defeat the purpose of making yourself popular with the grassroots. Til today these grassroots Malays still fondly call Muhyddin as "Abah" because of how he supposedly handled the pandemic and, most importantly, gave free access to EPF money. Ismail Sabri did the same for himself, although the novelty effect was not there by the time he did it. Now that PN are the oppositions they're happily banging this drum again just to destabilise PH's already fragile popularity.
@@Flame304 the problem is those who want to keep withdrawing only think that "this is my money, it's my right to withdraw". Which technically is not wrong, but they also think "why buy insurance? i can just save the same amount every month" but they never actually save it. and they also get married without thinking how much it costs to be in a marriage/raise a family.
I am sandwich generation. My dad is freelancer and my mom is housewife. In 5 years my dad will retire but he has zero retirement money, his only hope is his five offspring to give his monthly allowance. Iam in my 3rd years of my uni(i took out student loan ptptn) and he told be i am expected to give him and my mom at least 1k a month after he retired. His plan is with this 5 offspring of his, he will get 5k every month given by us siblings. My piers also told me to just suck it up and "balas budi mak ayah kau"
To be honest, under any gov system (no matter which country) there is still going to be a large numbers of populations who can't go into retirement life. I see this figure at least 60%. Another 20~25% will be partly depending on their savings that including EPF and their kids to help out. Only 10~15% of the population can be really looking on retirement life themselves. 5% of the population will die before reaching retirement life. So its not only depending on Gov policy for retirement life. The key is solely on ourselves. Let face it, stepping into working life till retirement. The length of time is at least 40~50years. During these time responsibilities, loans, accident, social events, anything we could not imagine is going to happen. Most people are not prepared for it. Like 95% of population are not prepare for major events to wipe out savings or carry extra loan unexpectedly. When things happened, still 95% would choose the easy way out. These have compounding effects later in their lives. I recommend proper financial educations, strong money policy, strong EPF systems. I am a retired Singaporean. I am 49 this year. Retired at age 42, living in Vietnam. I have been working long time overseas that's including in Malaysia. I do have friends in Penang, JB. I am much connected to Malaysia & my home country Singapore. How I made my retirement? Lots of Savings, keeping myself financial educated, proper investment & plans long terms, lifestyle adjustment. I plan my retirement in late 20s. Real strong savings come into action at 30s. Previously I choose Malaysia as the country for retirement but due to some family and policy issue I left for Vietnam. Currently I have have passive income thru investment, already 7 years here. I don't depend depend on CPF. CPF payout is at age 65, I am 49 now.
Not really true. There are several countries where everyone can afford to retire. And where they also live long lives. Mainly in Europe probably. Good social welfare systems and taxation provides this.
Firstly gratz on you being able to retire early. An average singaporean should be able to retire early in my or most SEA countries if they wish to do so cause of the exchange rate. Lets be real here, most countries In sea do not have the advantage of such an exchange rate. This is not a mere matter of savings or financial knowledge but you should also acknowledge that we singaporeans are in a privilege position as comapred to some of our counterparts in SEA. Lets say a single grad in sg, over 20 to 30 years of work you shld be able to save up at least 500k sgd. that is normally enough for you to retire in most sea countries but not in sg. On ther other hand 500k myr, where are you suppose to retire to? africa? housing will wreck you lets not say about anything else
@@Yami0to0hikari I believe you are not a Singaporean. Average Singaporean is difficult to save up SGD500k for his working life after family, kids, housing, car, responsibilities, tax, short holidays, etc. Singapore is one of the most expensive country to live it. Let alone to truly save up enough retirement funds. In Singapore the official retirement age is 65 and going up. Most people even at that age won't be financial freedom & have retirement funds ready. Singapore do have CPF system, a kind of pension system but mainly on your own $. The payout does give a low retirement sustainable lifestyle if the funds was well paid. Which I agree for country wide system, it's definately going to be this way to balance affordability. So most people still have to depends on renting out a room and getting some $ from kids if they can. Years back even our Prime minister went on TV introducing to us it's a good idea to rent out a room to generate income when kids have their own flats. I was in JB Malaysia before I move to Vietnam. Before that was in Penang. That time, Malaysia have My Second Home Visa which needs RM1 millions investment + a full health insurance coverage + prove of foreign income of RM$10k monthly. That translate to about SGD$300+k investment (house+car), insurance about SGD 5k yearly, and foreign monthly income of SGD$3k+. Currently many Singaporean are on SGD$3k+/- salary. So most Singaporean already cannot reach this amount even with the strong SGD→RM exchange rate. Now this Malaysia Visa has also upgraded too. I heard it's RM$2millions now. Or SGD$650k, way over most Singaporean can afford. Malaysia is a good country to retire, but the Visa condition & property price is a hesitation. The main reason I left Malaysia is family issues + my wife is having difficulties getting Malaysia Visa even paying $. As for Thailand retirement Visa, it's cheaper then Malaysia but have similar property issues like Malaysia. Foreigners buys at property at foreigner price which have to take deep cuts to sell. If buy new developments, it's not uncommon to see abundant project. This best way to retirement in Thailand is rent everything and do visa runs. Which is not very convenient. For Indonesia, currently they do have digital nomad Visa which is good. But there is some unfriendly culture for Chinese there. Just look at Indonesia history I would not elaborate. I have been there many fishing trips + looking for houses. I was in Philippines for nearly 6 months. I learn kidnapping of mainly Chinese, public guns ownership and the food cannot compare to other countries.
@@michaelseah9617 I'm curious about your impression of the Philippines. There are indeed kidnappings of mainland Chinese but done mainly by mainland Chinese criminals. That is the reason why POGO (basically the Chinese online gambling) is being disallowed in the Philippines. The only discussion now is how fast should POGO be banned. A lot of mainland Chinese will be leaving the Philippines soon and they will bring with them all the crimes that they have committed to each other. Surprisingly, the mainland Chinese criminals target only the mainland Chinese in their crimes. They also target people that they already know. As for the public gun ownership, I have no clue what you are talking about here. Are you saying that the common people are walking with guns in their waist? I live in the Philippines all my life and I don't have a clue of what you are talking about public gun ownership. It sounds like anyone can just carry a gun with them which is not true. As for the food, there are restaurants which serve food from all over the world. You have a lot of options as to what food to eat. If you want western food, the Philippines offer the best western food in the whole of Asia. As for the local food, don't go to cheap carinderias. The quality of the food that they sell is obviously not top notch and that's why they can sell at a cheaper price than the restaurants.
@@HelenWLee Europe? Their income tax is so d*mned high on top of the double digit Vat on goods and other taxes.... Most Europeans can't even afford to get married and have families, barely able to pay rent and many will never own even an apartment. Yes for many education is free, medical taken care of (long waits) but they work until their mid 60s at least or no pension. I've heard some Boomer generation Europeans have taken advantage of earlier loopholes for pensions but those loopholes are no more..
From minimum wage perspective, US employee works 15 minutes for a Starbucks coffee, but Malaysian worker needs to work 1.5 hours for a starbucks or Zus coffee. Yet Malaysians now drink specialty coffee like drinking water, coukd have saved RM15 each time for future needs. Misplaced priority?
@@leejpeter3456 explain it - there is a large corrupt group of malay muslims politicians and their gangs who controlled at least 80% of the country’ wealth while purposely keeping a group is for pity party drama that the malay Muslims are still very poor. Such pity party drama are common in all countries where there are more than 30% Muslims.
This bad decision will take its toll in an aging population that is fast growing. Recall what was the primary objective of EPF as an old age savings for retirement. Food for thought.
A personal decision..never blame the gov..no one force anyone to withdraw the EPF money, me myself never withdraw a single cent coz I can still survive..never blame others for our own actions..it is just stupid and low level mind
@@azimahmohamed5417that's very wise of you. Unfortunately, I can already predict that a vast majority of people who had withdrawn their epf will blame the gov for not providing enough financial supports/subsidies in the future, when they run out of funds to survive after retirement. That's the problem with the Msian society - always expect gula-gula from the gov and not taking responsibilities to look after themselves.
I am a Malay. As far as I can see, I have not met anyone in Malay community who insist on EPF withdrawal. The EPF withdrawals were allowed twice during Covid. Now ,all countries have managed to overcome Covid issues.
Living in Malaysia as a foreigner, I find it really hard to relate to this video. It's not easy to hire people, as candidates have high expectations. It's not even easy giving stuff away for charity. Last time, I had to drive 9km to find a charity home willing to take clothes and toys. The malls are full and the restaurants are full. Malaysia Boleh!
What do you mean its not easy to give stuff away and why you need to drive to far to donate clothes and toys ? Do you aware in most shopping malls even middle -end one like Aeon have big bins to donate clothes , shoes , toys ...
Agree . Foreigner living in KL here . So hard to find staff . A lot of people don’t want to work for others , high expectations on salary but low commitment on delivery . Not all but majority of young people under 30 nowadays is not motivated , low learning agility. I don’t feel that they are hungry to earn living. Always feel they don’t need $ that much
I'm 59 going on to 60. My KWSP is at 0 for now. No Financial knowledge? Used all for medical, further education for son and to survive during pandemic. No job, as I was working as a musician (once pandemic started) tried to do food cooking and delivery. Not enough finance to go thru. Kept taking from KWSP whatever balance I had. I blame no one for my predicament. What and how else can the govt help you? All I want now is to get a job with EPF and SOSCO contribution. Which my previous employer never did contribute. Again it was my fault for being so naive, I signed my appointment letter stating I don't need EPF or Sosco then. Why? I was desperate for a job /income to survive, so I signed it. There is no such thing as retirement for me. Life goes on...... Till I die.
Poor financial planning together with family planning is the major factor for the majority. Plus giving too much air time to this taxi guy. So much energy to walk from JB to KL better take up a second job as a security guard then to take your own retirement saving. Your hole will never be covered due to your poor financial planning.
Their mentality is very simple and totally no long term vision lm Else at 8000 ringgit a month, he can save up a lot and not like now, asking govt to allow withdrawal from own EPF funds. Good days don't last....
@@moonstarsun633 agree. RM8k per month is a decent income for a cab driver and it's possible to save quite a bit with that amount, even in expensive Klang valley. Living beyond ones means, poor financial planning, having so many kids - these plague many Malaysians who do not have sufficient funds for retirement.
@arcturus4067, oh.. RM8000 is from his previous job as chauffer and bodyguard. He admitted he thought good days lasted that time. He can easily take up second job and too naive to think the Govt will allow fourth withdrawal just cos of him! Goodness!
Few Malaysians can afford to retire, yet...most retired Malaysians live quite well. Actually, I had this discussion with an economist friend of mine.... it is really a bad thing? Malaysians are soo comfortable that no one saves up, while in America, even if you have a few millions, you'll be scared to retire. Which economy is better? an economy where you dont have to care as there are enough social safety nets to rely on or an economy where you have to always work hard and save up.
American Expat can easily live like a king here with 1:4.7 exchange rate. How did I know....cause I work and live there and I am Malaysian. In US, it depends on which city and state you live in. San Francisco, NYC definitely won't retire rich with a few million with average home price USD$900,00 but in Central US like Dallas, TX. Yes you can retire comfortably with a few million dollars and live in decent sized house. The key is to create a multi bucket source for retirement income through work 401k contribution, personal bank savings, personal investments and view EPF (Social Security) as a bonus and not rely on it as retirement nestegg. Educate yourself financially and you should do well. Many of these millionaires are not doctors or from rich families, just regular school teachers earning an annual income of less than USD$100,000. They made alot of early sacrifices living below their means during their working years. They don't drive fancy cars nor own big mansions.
The EPF is an excellent option for high earnings. Since there is no upper limit, it provides the potential to earn higher returns than other investment options.
A painful video to watch, but fair and quite necessary. There is a solution, though not short term. Education must be the key, easily accessible education to help those in need upskill. It's obvious that many depleted their EPF savings due to sheer necessity. It's not the government's role to teach people how to save. But it certainly must be the government's role to provide the infrastructure whereby those who are keen can be trained and equipped with better-paying skills in order for their earnings to keep up with inflation.
What is the objective of EPF? Emergency funds or retirement funds? It can't be both. It's either spend now, suffer later or suffer now rewarded later. Common folks may not understand the huge implications of spending now, but those in power should know better. This will be a huge problem in mere 10 years when there is nothing in EPF for retirees and at that age it is almost impossible to find employment.
As a Singaporean, I prefer to work until my health tells me to stop. My dad (an owner of 3 barber shops here in SG) just retired at 73 years old as his health is declining. Even though he is no longer working, he can still earn some money from his business's profits. As a son taking over my dad's business. I choose to go the same path as well. At least I can keep socialising with my regular customers and keep myself active. The last thing that I want is rotting at home.
Like many Malaysians, my parents had to dip into their EPF to support the family during the pandemic . Both my parents were semi retired when the pandemic hit the world and both my sis and I were still studying for our degrees. The only saving grace is was at the end of 2023, both my brother and I were already working which helped eased their burden. The other thing is to live a more frugal lifestyle, which my Mom is an expert at. She always told me to spend like I am earning half of my income. My only hope is that the economy will ease a little bit and the prices don’t go out of control.
55 retirement age big mistake. Too late already,cos the suffering gone one for too many years. Now ,work till Age 68 necessary ,otherwise the next 30 or 40 years ,those already retired have to eat grass n also be beggars. If they can work beyond 68, allow them to eatn 3 meals a day ,clothes to wear and a roof over their head. If people stop work before age 68 , who is going to support them???
All these critics blame the government on allowing the withdrawal - what are they proposing? That the government should not have allowed the withdrawal and let all these poor people have an additional RM10k-RM20k in their EPF? As if that amount will suddenly make retirement affordable for these people? The problem is not the decision to allow the withdrawal. The problem is low savings of EPF members to begin with!
This is worrying, if more than half of our population aren't able to have enough for retirement, our future does not bode well. Growth will be stagnant with future generations having to work much harder to earn a living while supporting the debts of the previous generation, resulting a stunted economy and further falling behind other countries. Malaysia really needs to think how we can leverage on our brilliant but often underutilised and unsung talents and services, and how we can position ourselves in the global markets of tomorrow. It is important that our country elevates ourselves, therefore bringing more wealth and cheaper living costs as a result.
actually it's not a matter of the cost of living in Malaysia causing the issue, but rather their salary (income) has not gone up to compensate for it. Their monthly salary are ridiculously low there compared to their much smaller neighbour, Singapore. Then Malaysia keeps on wondering why so many Malaysian talents are flowing out of their country into Singapore and trying to persuade them to stay and grow Malaysia. Love for your country is good, but survival is more important. If the government still don't realise this and do something about it, they are doom to fail. Citizens are the wealth of the country, not the ministers' pocket. when your citizens are rich, your country will be rich, so government has to invest more spendings to help citizens improve their skill sets, help companies subsidize for part of employees salary so that they can get higher pay, promote infrastructures to work from home....etc... When citizens have more spending power next time, all these spendings will have huge returns to the country. Singapore is a very good example which Malaysia should learn from. How we survive covid periods and the amount of spending power Singaporeans have now is huge.
If M’sia for the last 60 years did not screw up the running of this great nation,Msia is a top economic country in Asia. But with the corruption within the gov etc, that is the first blueprint of a failure of a hard working country ! We are all struggling!!! Also salaries are always low ! Employers looks after themselves! No one cares about the workers ! Main problem is the gov of mishandling of people’s money !!! If I don’t have two jobs..I won’t be able to pay all my living expenses of my family & I only have one kid who thank goodness also works part time after his uni hours! Msian need a gov that is different from the last 60 years !!! EPF alone is not enough. All my siblings will continue to work until late 70’s . And when they retire, they will just be living a frugal lifestyle. And these people don’t smoke, drink or gamble !! No wonder many of the young non bumis inMalaysia are moving overseas like Spore or take a big loan to study overseas & making sure they end up living in that country because they can see how hard it is for their parents to survive in Malaysia’s high inflation! Life is very tough for most Malaysians. Also many are marrying early & having too many kids when they can’t afford it ! Reality is such….Malaysians need to wake up to evaluate their future. Be a smart nation ! Not a nation of believing of false promises
For the Malays, it's not all that bad. They have access to the exclusive ASB funds and also children which is a very valuable investment in the Malaysian society.
Just started working last year (23) and this year I make it my mission to save RM500 every month on ASB and RM400 to other investments, mainly S&P500 and Crypto (I only earn RM2.2K). I'm lucky because I don't have any commitment now and my parents are still working. But I don't have a car or any assest and with my current pay I don't think I can own one in the next 3-5 years.
There are some financial officers in this video that understand finance as well as what can and cannot be done. The politicians should listen more and talk less. If salaries are increased it is a catalyst for the economy and everyone wins. Giving out money is not a good way to get votes, but growing security for the future is. Great video🎉
Overall Malaysians population is getting a Low Paying job, so the question of Saving is not there to consider. To get a High salary paying job one has to have Good education which again is a stumbling block in the Malaysian society. Without a Good pay, saving is unlikely to happen. Money matters cannot solved overnight, it is a long term planning process with good self-discipline to achieve the goal. A last movement financial help will not help, it is just a prolonging method which might even lead to another financial nightmare .
1MDB money if not corrupted can definitely aleviate ppl lives. How can I say things like this? I live in Indonesia, both melayus, corrupt everywhere, all the time
Even if you can work until 55yr old in sg. Between 55 to 63yr old if you can't get a job, you also can't afford to retire at 55. You will need odd Jobs or rely on family members!
We are Malaysian living in Malaysia...lots of other country out there always hv a big dreams to own Malaysia..who else don't??facing hard life??this issue happen in every country's in this world but we don't need to worry much as long as we are free & harmonizes country that's made us Malaysian citizens happy..the poor still hv a rice to eat and the rich had bunch of helping hands..we are happy not having lots of money but the bless we got from God and our society are healthy society that the most valuable in lifes
When I visited Malaysia, I saw people from all walks of life queing up for RM100 durians, many youths queing up for RM20 drinks. It seemed like Malaysians are earning ringgit but spending US dollars on non-food items. Story books at RM70, can of grease at RM40, car tire replacement RM400, RM20 drinks. These are all US prices when converted. It's a wonder then how Malaysians can afford things but yet I saw tons of Malaysians spending like they're rich everywhere. It's a mystery to me.
As Malaysian, I wonder why too..wait when there is long weekend..many flock onto highways and head to resorts.. certainty they never ask any money from me..its their own 😂😂..I guess they have the money to spend!
that's true, I've seen that as well. The public rushing to buy new things be it clothes, tech, collectibles, etc) when it is newly launched, go for RM100+ meal , spend all their money earn and repeating that cycle of tempted buying, having no savings.. when the rainy days comes, they blame this and that..
Not to mention spending hundred of ringgit on concert . And Machine always packed with people like its giving out free iphone !!
When I visited Johore Bharu from KL, I saw lots of Singaporean or Malaysian working in Singapore flocked into the city to pump petrol, buy cheap groceries and food. It's a wonder how they manage their time to spend just 2 days of their weekends to do such simple stuff in their own neighborhood
Stagflation. Experiencing by most economies all over the world now. Fiat money is becoming more worthless by the day.
the salary is same like 10 years before, but the living cost keep increasing
More like 30 years before.
While the currency keeps on dropping.
properties cost also increase..
And they blamed People for spending money.
@@ST3066K SGD keeps strengthening, yet cost of living is still SO HIGH (imported goods esp food) should be cheaper, but Why food prices are skyrocketing? Why water tariff is going up by 18% 。
The main problem in Malaysia is our lack of financial literacy. During MCO our company was paying wages at usual time at usual rate. A big percentage of my colleagues decided to withdraw from EPF and use it to buy luxury goods. The general excuse is that its their money and they can do as they please with it. Its worrying as some of those categorised as B40 actually drank venti Starbucks daily. Most Malaysian suffered hardship due to poor financial planning and indulging in their wants. I try to educate my staff through my own actions. For example I bought coffee pods instead of buying overpriced lattes, I initiated weekly group lunch in pantry by cooking rice in office and bringing lauk to share. This is my effort educate people on how with minimal efforts you could always change your lifestyle and save more.
Drinking Starbucks vs coffee pods isn't really a good example. literacy in personal financial doesn't require anyone to be a monk.
A good financial plan for daily life has a part that's for happiness / quality of life.
As long as they know that the decision of drinking Starbucks is not buying something else they want, and they stay within budget they planned, it's all good.
It's about understanding your financial situation, creating a plan, and sticking to the plan.
Malaysia needs a both a public and a private pension plan for the employees. They should pay into these pension funds during their working years. They will receive a monthly payment from both these pension funds. This is based on my personal experience. I receive an amount from the state and one from my company pension fund. With two streams of income, I am able to live a very comfortable life in my pension years.
yes, and more are trying to get more from EPF, “my money my choice”… lol after retiring, they expect the government or charities to help them
Let them do what they like lah
People can't think beyond their future. Does not need financial literacy, just need bulletproof E.Q. and a bit of I.Q.
Also, the trick is to not make a large family :'D
As Thai people who went to Malaysia several time since I was 9 years old. I remember the first time I came Malaysia in 1986, the country so much develop far beyond Thailand. But after series of visit I can feel the country still the same while Thailand grow up. And from the last visit year ago I can say Thailand start to leave them behind that remind me about Rabbit and Turtle's tale. Please don't get me wrong but the point is wondering what is going on
what can I tell u is since 2000 - 2008 they have plant a seed in malaysian mindset is u earn how much u spent all of it and u still have ur job .2008 - 2015 economy growing but all the elite class next gen move out no one spent enough money inside malaysia which the cash not flow back to malaysia they grow on other country so example father still work here give money to son/daughters to spend on other country . 2015- 2018 the trade with china all come to malaysia grow many didnt care about minimum wager fix on rm1000 below ,so all boss earn more than 100%+ profit , 2018-2023 is the worst time malaysia have to face all problem boom because of covid , all the boss are crying .
Government under Malay Bumiputera is incopetence, ineffective, and suck la 😁😁😁
Malaysia has been developing a lot since 1986 actually. To say we havent grown by much is kinda false. Thailand has been catching up that's the thing. Also many countries failed to move to developed country status and are stucked in the middle income category. Example are Russia, Mexico, Brazil, Turkey, etc. The problem is shifting from a labor intensive economy to one that is highly skilled is not an easy task to do. Right now Thailand's GDP per capita is around USD 7000-8000. Once they reached above USD 10,000 that is when things get tricky. Because at that point Thailand is no longer a cheap manufacturing hub and whether Thailand can transition to high skilled workforce really depends on what type of policies they are doing right now. I havent read enough about Thailand's economy but I have a feeling that the Thais will be stuck too just like Malaysia at some point.
@@secrets.295
malaysia and Thailand have same problems.
Malaysian :
Gdp percapita 12k $ + household debt 10k $
Thailand :
Gdp percapita 8k $ + household debt 6k $
@@secrets.295 If you think Malaysia has been developing alot since 1986, you are still living in a dreamland. People like you are the reason why Malaysia has completely failed. :)
"Nak beli susu pun takde duit, jadi nak buat mcm mana?" ← Cari income lebih la pakcik, takkan nak harap bantuan cash je memanjang. "Why think about future when we are dying now" ← Pakcik, kau susah sekarang ni sebab kau tak fikir masa depan. Gaji kau dulu 8k semua lesap, ada hati nak kata buat apa fikir masa depan.
What went wrong? Very simple: Malaysians grew dependent on bantuan, cash aids, handouts, subsidy. Hanya tau nangis bila susah, mohon simpati.
Bukan nak kerja keras, tapi nak emosi. Buktinya, ramai yg akan tak puas hati when I say these facts. Emosi lebih2, nangis, jerit, mengamuk.
i wont say that you’re wrong but there’s some crucial point that you ignore which is high cost of living.Those fundamental resources has been sought up by a landslide.
Betul tapi dengan cari income yang lebih, masa kau pon kurang. Hidup kau akan dipenuhi dengan kerja ja. Zaman dulu okay ja satu income boleh bantu satu keluarga...
Ni betul tapi bukan semua org suka kerja lebih. Dia sendiri yg hadkan diri dan upaya dia. Adik ipar saya, dulu surirumah full time, umur awal 40an, suami meninggal dia dpt pencen, simpanan dan kwsp suami. So kira cukup dah utk dia dan 2 anak. Tapi dia cari kerja jugak , jadi cleaner kat pejabat. Sbb dia rajin, trusted, company up jawatan dan skrg dah jadi ketua pekerja kebersihan/keselamatan. Gaji dah 3.5k, ada bonus, kerja dekat area rumah jer. Tu cerita org rajin padahal boleh jer duk rumah perabih duit arwah suami. Dia ni jenis pikir panjang, berdikari dan tak suka mintak2 bantuan.
At 75 I still have to work to support mahself. My children are finding it hard to make ends meet to support their parents. Retirement is a far fetch word.
Pathetic. The civil service have pensions whereas the private sectors depend solely on EPF savings that is inadequate due to inflation and high costs of living. Something must be done urgently as we become an aging population. This is a serious matter and not to be taken lightly by policy makers in the Govt.
It is the way the world is going- retirement in UK was legally raised. Idiot economists have hollowed put the poundvthrough overproduction. NHS (socialised health) is widely considered to suffer seriously as the population greys. Politicians have no real idea of widely commented criticisms.
Companies are facing high costs- and won't pay decent salaries, while CPI rises and rises.
At least you could still work!
Work as long as your health permits. Take care and may God bless..
go look for junk on the side of the road for resale, I have been a hunk man for 40 years and never went hungry, Sanford and son was my mentors
As a Malaysian, i dont like to blame just one party. I think everyone has a part in why this happened. The government kept pandering and listening to the demands of the people, which is not bad if moderated. but some of the welfare given was excessive. Surplus liquidity was shared when saving and paying down public debt was more beneficial, especially those petroleum heydays. Alot of policies were good like healthcare and scholarships. The student loans given were a great idea but giving discounts for payees was a political move to entice voters. On the other hand, whether Muslim or non Muslims Malaysians were a mixed bunch. Some desperately poor groups needed help but were not given for a variety or reasons while some rich well connected groups benefitted from government policies and handouts for purposes of vote buying. The most dangerous trend is increased borrowing from Malaysians, whether they were graduates or white collar professionals. Even doctors and lawyers were living on borrowed cash, the situation is scary.
We can’t just blame the government as the main reason why many Malaysians can’t retire, we gotta put the blame on ourselves for not managing our expenses and setting up retirement plan.
If we’re born poor, it’s not our fault. If we die poor it’s our fault
@fabianmok2206, you have made some very important observations. Two key points arising from this documentary and good understanding of the past 20 years' history: [1] Malaysians (and most other people in the world) DID NOT SAVE ENOUGH; people borrowed instead of investing; people consumed and spent instead of savings; people behaved as if there were no future.....[2] Too often, the corporate and political leaders of the country (and not only in Malaysia) have robbed and stolen from their own people, leading lavish lifestyles at taxpayers' expense.....corruption....cronyism....greed....immorality...crime....violence against their own people....violence against dissidents and opposition parties....Malaysia, Haiti, Russia, China, Cuba, Venezuela, North Korea, Nigeria, and other examples show how the leaders of countries can enrich themselves to billionaire status and be profligate with their nation's' resources while the majority of their population suffers poverty, hunger, food-insecurity, housing crisis, inadequate healthcare, inadequate education-systems, and inadequate social-security systems.
holy cow
@@brentshuffler1234 The USA is a paradise?.. Look at the rampant homelessness with a majority of Americans living paycheck to paycheck while the USa uber-rich become richer by the hundreds of millions or billions per individual. And USA has over 800 war-military bases everywhere on the planet which only enriches the politicians, oil sector, military corporations and banks while sending the bill to the USA taxpayers and actually rest of the world (since USD is the emperor reserve currency of the planet and is constantly being devalued). Based on the wealth inequality Gini index from 2019/2020, the USA is actually slightly worse than Russia & China 🤖..
The UK is one financial crisis away from falling below developed status with a QUARTER (25%) at least living in poverty. Italy, France, Greece, Spain and large swathes of the Western world are in deep debt. Germany is in industrial free fall. Japan, you don't see the homeless as they are hidden and, the country's debt is through the roof.
Agree. Being rich and being wealthy are two different things
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Penang Gov't DAP YB SP ( name Phee Boon Poh) he stealing my this sim card Digi number 010xxx7342 is my name and my Ic number give scammer Boss Dato'Gillian Teh Yeong Keat and Dato 'Teh Yong Khoon company in Eng Teknologi Holdings SDN.BHD and Eng Teknologi SDN.BHD do system WiFi business dirty, also stealing copy link share my Nokia software small phone using system business FB WiFi, I all report police, because my small Nokia phone software no have Facebook, so many times I going to Burma Road Digi Centre Penang area complain,there maxis centre are have Cctv camera centre also, in JB area Digi Centre ganga bay area also complain ,hindu guy Digi Centre call me charge Sim card number, i don't want because this is my own Ic number and own money buy this sim card Digi number,not a contact sim card Digi number, after in JB go to take another sim card maxis number contract,because i need to find job ,my Nokia software sometimes cannot ring and call ,give this company Boss scammer Dato'Gillian Teh Yeong Keat factory stealing share running system FB and system WiFi business dirty share,they all using Gov't DAP YB SP Phee Boon Poh license stealing link share, i don't know they all always stealing my Digi Sim Card number line ,all i report police in Penang and JB area also, but police always thinking I liar report police and i Idiot , because police penang said to people , i Idiot girl and OKU girl in Penang, my FB Vinnie Tong lost and other's FB also, more than 5 FB give scammer company Eng Teknologi SDN.BHD stealing,4 FB can Find ,4 FB is Ooi Seng Tuck find for me ,don't know using who license Gov't, one FB Vinnie Tong lost, ooi seng Tuck cannot find ,because scammer company HR manager Lee Siew Gaik change name,,change photo and change password, she do bad thing m FB VinnieTong,after i stay in JB R /F are ,they all say to people i idiot ,i just know all the thing,his Gov't HARAPAN DAP YB SP (Phee Boon Poh)do bad thing my phone Nokia software and my sim card Digi number, they all scare me know, this YB SP Phee Boon Poh do bad thing My Digi Sim Card number,and Penang Gov't DAP CM CHOW KON YEOW PM Lim Guan Eng and YB Teh Lai Heng, YB yeoh Soon Hin and YB SP Phee boon Poh stealing my EPF money do bantuan,also Gov't HARAPAN DAP CM CHOW KON YEOW, PM Lim Guan Eng, YB Teh Lai Heng, YB yeoh Soon Hin, YB SP Phee Boon Poh, and PM Anthony Loke link family in Jalan Tengah,Bayan Baru, B.Lepas, Penang. also stealing into my flat more than 5 times,they all not inside Jail yet, about Digi Sim Card number, i also going to Burma Road Digi Centre report because someone stealing my phone Digi Sim card number 010xxx7342 money using internal Facebook Vinnie Tong, this FB Vinnie Tong already lost so many years, all report police,after i stay in JB R/F in A2-1 Apartmemt Lim /Ling 25-06 ( 6 months contract) , Director Lim Fang Wei using bad thing my name do WiFi dirty to this scammer company ENGTEK, Boss name is Dato'Gillian Teh Yeong Keat also Dato 'Teh Yong Khoon,because my sim card Digi number no money do give his company Running System internal Facebook and WiFi business dirty call customer,they using my Nokia software ,call people my Apartmemt room do my letrik do my charger problem and cannot using, also do my phone sometimes no line cannot call, I call people help me do back,but charger letrik already cannot using, this company Boss scammer Dato'Gillian Teh Yeong Keat speaking to people, if i and my company give police catch, i and my company didn't do wrong, this picture guy Gov't DAP YB SP Phee Poh must go to jail, because is he stealing Tong Hooi Hwa Digi Sim Card number 010xxx7342 to my company ENGTEK do System WiFi business dirty and do WiFi system Facebook, year 2016,PM Lim Guan Eng also with this company scammer Boss Dato'Gillian Teh Yeong Keat stealing my EPF money, talk out by his company HR manager Lee Siew Gaik, that time PM Lim Guan Eng is CM Penang, business WiF, he and Scammer Boss Dato'Gillian Teh Yeong Keat using dirty "Suspect Facebook me ,after stealing my EPF money, Year 2016,I'm Tong Hooi Hwa not a "suspect girl" in company Eng Teknologi SDN.BHD, now change name ENGTEK company in Bayan Baru, B.Lepas, Penang. Gov't DAP YB Yeoh Soon Hin, YB Teh Lai Heng,,they all link family with scammer company Boss Dato'Gillian Teh Yeong Keat and his family Boss in Penang, now this company change name ENGTEK company in Bayan Baru, B.Lepas, Penang. ,Pls.help.me link out true story, because this guy Gov't DAP YB SP (poh)do wrong, this company Boss scammer Dato'Gillian Teh Yeong Keat using Gov't HARAPAN DAP CM CHOW KON YEOW license do bad thing stealing copy my Apple IPhone software, also smartphone Oppo software, now Samsung galaxy phone software also, I go to maxis centre ganga bay area, molek Centre area report, they all no want to help me, they all said me idiot, call me go to shop samsung galaxy phone settle, also same no settle, last I just know molek Centre Boss JB area also same gang with property LIM FANG WEI do bad thing my samsung galaxy phone software and Ooi SengTuck, also NCP sham Penang, they all help this company Boss copy my Samsung galaxy phone software to them company using system business WiFi,and Facebook system WiFi, please help me link out, because this Contract sim card maxis number is 2 years, samsung galaxy phone is one year carrenty, every month I pay Rm60/-dollar to scammer company ENGTEK Boss Dato'Gillian Teh Yeong Keat using, they all using stealing copy share my samsung galaxy phone software without Ic number they all, this company using money already can buy people,also using moneycan buy police and Gov't, Dato'Gillian Teh Yeong Keat also said to people, i want what ,all can get, also want Tong Hooi Hwa no Smartphone H/phone using,also want me no money, want do me until I poor, want take all my thing they all stealing, police cannot catch them one, because they all link family with scammer and thief Gov't DAP YB SP Phee Boon Poh, YB Teh Lai Heng and YB Yeoh Soon, because in Penang Gov't HARAPAN DAP CM, PM and YB big,police and Yg-tuan Agong pulau pinang also eat their food, Malaysia want stand- up also must see they all face, pls.help me link out my true story, thank you
Scam❌❌❌
You mean weak knees? EPF is only strong because of its big sovereignly funds managed by credible management. Imagine if it's being withdrawn in excessively. The power of investing will become weak and will further erode if the people without the right skill are placed to manage them. So far for the past few years after covid, the dividend returns have been reported healthy. Those who can continue to sustain the cost of living without withdrawing their savings will at least have something to rely on after retirement. Government of the day plays important role to ensure this by reducing government expenditure wastage and have good vision to improve people's wellbeing, helping only those that really need assistance temporarily until they are able to standup again. Teach the person to fish, not handing out fish all the time. Reduce blanket subsidies and use the funds to help those in need. The people must also play their own part and not expecting and relying on handouts from government all the time.
The worst part is the people working hardest are getting the least remuneration for their efforts and then shamed in the media for not taking more hours, more work despite the poverty wages. 40% of people in work need state support. That’s a reflection of greed not poor work ethics by working people. This is being done by design, by greed.
I agree with you and I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who agrees with me but either way I recommend either real estate and stocks..
I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?
I've always delegated my excesses to an advisor, since suffering major portfolio loss early 2020, amid covid outbreak. I'm now semi-retired and only work 7.5 hours a week, with barely 25% short of my $1m retirement goal after subsequent investments to date.
I would not mind looking up the professional that helped you. I will be retiring in two years and I might need some management on my much larger portfolio. Don't want to take any chances.
*Mr Gary Mason Brooks* a highly respected figure in his field. I suggest delving deeper into his credentials, as he possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
Me as a malaysian dont come from rich family. Din go overseas for studies. Work & study for my professional course. Work hard when i was young. Think we should not always blame others. Dont spend when u cant afford.
"spend when you can't afford". What an extremely true, easy, strange concept. Almost nobody wants to live within their means anymore, causing lots of problems for themselves later.
Studying overseas doesn't guarantee anything. My friend graduated from Japan, then graduated from a top uni in Malaysia. His salary was 2.3k, and after jumping companies 3 times in 2 years, only grew it to RM 2.8k/month.
@@AnwarHaikalRuslan
Really ?
@@AnwarHaikalRuslanWhat??? Then he shouldnt come back to Malaysia at first should've migrated to better developed countries with better paid what a waste
@@AnwarHaikalRuslanyour friend is not smart at using the advantages that he has.
I am a retiree, before I marched into my retirement age, I was thrifty to make sure that I do not overspend my retirement fund. I do not buy expensive goods and I do not eat at expensive restaurants, I make my own coffee at home, yet I can feel the inflation pressure on goods and services. However, what I witness among the youngs in Malaysia is, they are very generous in spending, new cars everywhere on the street, if there is a new car model launching, you can hear waiting time for a new car is 6 months to a year! Similarly, young people are queuing up in front of expensive restaurants for food, branded goods are selling like hot cakes among the youngs.... I am wondering, where do these young people get their money to pay for the luxurious goods and services? I have asked a few young people, they said they have a few credit cards, so they can roll their debts over and over...... sad to see this phenomenon in Malaysia!
it is their insta lifestyle. they can do/spend however but dont expect me to bail them out.
Sorry to hear!
But there are lots of family doing the same in USA too!
Sure, every young🙄
this is happening all over the world sadly enough, it's just that most youth have easier access to internet, thus easier exposure to adverts from websites/popular influencers
When asking to purchase an investment or retirement scheme provided they ignore and don’t interested, at the end they regret
I am a gen z that is well aware of this problem.. currently just started working with RM 2~3K per month , right now I'm just trying to save as much and decrease my spending as little as possible (have to pay my college debt as well..) , seeing that uncle with a wage of 8k still falls into such state just hits the reality even worse.
All we can do is pray that we have enough for any emergencies, god forbid getting any health issues upon yourself..
invest in gold
RM 2-3k is already not bad. Fingers crossed food prices will stop rising
you should go to Singapore. even Cleaner job will get you more than RM3K
Good for u. Honestly irregardless how much u earn, if u r not smart with money, u ended up working as slave till old age also. Only that u can drive better car & bigger house. When u old, those don’t matter anymore.
ya by eating only roti canai tat cost rm2++/pcs 3 meal a day right? so that no nutrition for body n brain , what a genius way to keep 99% stupid where d 1% elite takes all..
I feel sad looking at how people poorly manage their finance. It's actually a retirement timebomb.
Their lack of financial wisdom is truly glaring. Can you imagine the kuih seller thinking his kuih business can generate more income than the EPF profit rate 😂🤣😅
What's more. They keep on piling debt but their salary can't keep up
Salary below 2k is very common. There is lack of ways to move up the income group unless taking the riskier move ie entrepreneurship.
It is not a time bomb. It is already exploded. Now wait for the complications to surface. This is what Malaysian EPF high officer said.
Agreed. EPF is longer an old age security for retirement. The recent proposed flexi withdrawal make things worse. Members will happily withdraw their savings meant for old age and deplete it faster. The time bomb retirement is ticking faster. Should not bow to Public pressure to allow withdrawals. The sole objective of EPF as an old age retirement fund will be defeated. Hope the policy makers take cognisance of the intention why EPF was established in the first place..
Sukhvinder is a good man. He has my respect. I wish him all the best.
How do you know he's a good man?
@@smaananbecause, he didn't resort to crimes, robbery even when the going gets tough..anyone who earns an honest living is a good man. WHAT THE FCUK IS WRONG WITH YOU??
Agreed. Instead of whine pointlessly, he gets to work...
If you focus on KL or urban areas in West Malaysia, you would come to that conclusion. But not for the rest of Malaysia. We are not filthy rich like Singaporeans but we are doing just fine. Most of us own landed properties or have our own land to build house. It is just a matter of how we spend our money and our will to survive. Our elders are well taken care of by the community. Our kampung spirit is still strong and we won't allow anyone in our kampung to starve. So far no one in my kampung has to starve because of financial problem. If we measure wealth based solely on cash we have, by definition, we are poor. But, are we really poor, if we have land, cultivate our own crops and catch our own fish etc? For the retirement thingy, the community should take care of each other. Not that we don't have to plan for retirement but we as community at large should play our part too.
The rural area is also getting a lot of financial aids and subisidies, which costs the government, which is then funded by taxation, which is a toll for the M40 folks paying your bills. Mind you, Malaysia M40 categorization has lower quality of life compared to an average citizen in a developed country (eg, Singapore). This is why you see this strain in urban areas, they are paying the bills for the B40, while getting screwed by T20 bosses giving low pay. Total respect to those proper kampung folks who are very satisfied with their kampung community lifestyle. But, if you are receiving government aids, don’t claim that you are fine until the day you can survive without government aid.
@@ZenonENTX If they are Muslims, there will always be Bantuan Zakat paid by Muslims regardless of their economic status. As for government aid, they would survive without ones nonetheless. Never underestimate the kampung folks when it comes to surviving.
So true I got landed property 3600 sq ft and can survive with a garden with fruits and vegetables pesticides free. I don't have to buy much.
@@ibrahimalli2474Allah is not helping gaza
Almost everybody thinks that rural folks are mainly poor. You are dead wrong. They are more financially stable than you think. With primary commodities sky high, they are making tons. With landed properties and effort they can become rich by toiling their land. A vegetative plot can give them good income. With a small sizeable land for tree crop they make tons ( eg. coconut , durians, fruit trees and oil palm plantation). They will never die of hunger compare to town people. Nothing to eat? They can grow their own vege and sell. Never underestimate them. Many driving double cabin (semi truck) compare to town folks produa. As for the town folks selling goreng pisang and nasi lemak or roti canai by the road side, many are earning junior to mid level manager income. They seem poor but don’t be be betrayed. Their job may not be attractive but their monthly profit is saliva watering. If you have a pasar malam store, you can live comfortably. Don’t believe me, go and see and experience it yourself. Just go into the interior and remote areas in Sabah or Sarawak, they are driving 4 wheels compared to the two wheels in town (if you know what I mean). Those suffering are usually living in town whose salary are static. You still can make some extra earnings by taking additional jobs. But this is tough.
Corruptions is the main factors that is to blame. Poor governance for the country interests and greedy mentality of the politicians becomes the norm. Sad that a country with rich resources and manpower cannot see any economy progress. Anwar is the only hope, but a tough uphill task in hand. I wish and hope that all the corrupted billions can be recovered and jail those greedy ministers, from the top down.
0p⁰0⁰😊00000⁰00
😂 Anwar is just talk. He just lost the opportunity to strengthen Malaysian unity and economic with unstoppable issues and issues. Just talk and talk. He should stop attacking his political opponents with nonsense political perceptions and unjustified action against the opposition states
@@harithhumam4372 the unity is already there. It's only those majority groups with PAS mentality is blocking it. Everyday using religion saying others want to undermine Islam. Nobody in Malaysia can do that but they want to use the same scaring tactic like mahathir did. That's why Mahathir is the advisor to them. Name calling like kafir in a bad way doesn't help either.
@@jackofa11traits29 same thing can be accused to DAP.
Anwar is only hope is childish statement. Malaysia and its people have more than Anwar. They should look beyond these ancient politicians.
Speaking as a college student, when the government handed out RM150 to every undergraduate age 18-20 in last August, all my friends spent all of it in matter of days, that speaks volumes really, saving money is unfortunately such a foreign concept with Malaysians nowadays.
great observation! saving is the starting point. learn about financial planning aka investment as your life skill in going forward. common stories like graduating and earning "peanuts" while slaving for years model is just a model that most fell into. this is how most of us all trained to think. fifth person is a good site to start your journey to an alternative model.
RM150 only buys a few beers is easy to get through in a couple of hours.
The only solution is you do not retire. Work as long as you are still able and breathing. You may change to a job that an aged person can handle. It's harsh but it's reality.
1MDB
Singapore has been hiring back their retirees to fill up jobs that requiring less effort like janitorial work and that can be something to think about. Senior internship opportunities can also be a good plan.
Untuk saya, orang Indonesia, juga sama susah nya menabung duit, tapi saya mulai belajar strategi, untuk menabung dengan goal atau tujuan untuk mengcover pengeluaran selama paling tidak 6 bulan, kalau tujuan sudah tercapai, lanjutkan saja terus dengan goal yang sama, jadi jangan dipikirkan dulu untuk retirement atau pensiun, yang penting menyimpan duit harus ada tujuannya. Ya memang orang kecil seperti kita ini, memang harus mengencangkan sabuk, untuk menyimpan duit, tapi memang kita ini hidup juga cuma untuk memenuhi kebutuhan yang benar benar perlu saja, dan yang tidak perlu, itulah yang bisa disimpan atau ditabung.
Singaporeans love to complain about the current ruling party.
What most don’t realise is that we are very fortunate to have a strong stable economy, zero racial driven policies and a secular society compared to our neighbours.
We can never be 100% satisfied with all policies and how things operate. But we must be grateful that we Singaporeans have it better than the rest.
SGD 1 = MYR 3.5 thank you.
Many private & Public companies in Malaysia including GLCs are paying ridiculous wages and perks to CEOs and Directors (mainly politicians} while paying peanut to the rest of their ordinary staff. It is not only unfair but had increased the gap between the rich and poor.
What are the trade unions doing?
The CEOs earn millions and vacations only overseas not local..
@@TerenceTHNg trade unions are banned in Malaysia except very few industries like bank and airlines. legacy of fighting the communists
@@TerenceTHNg nothing
You're fkn delusional if you think high earners are the problem...even if they give you all their money you'll still have the same problem and no one to blame
Some truth... a few of my friends be it malay, indians and chinese during government approved epf withdrawals .. most malays- i want to take the money out to buy gold and for emergency or put it into a place where i can access easily. Some Indians- i want to take some money out because this is one in a life time and keep the money in my pocket just in case. Very few Chinese- i will take minimal money out to dump it into the share market and keep some for rainy days. When they allowed epf withdrawals, some of my malay friends wanted to take it out but i explained to them the consequences and losses of future earnings. They listened and decided not to take out as well. Some people are not poor but they live like they are very rich in malaysia. Once salary is out, they will take out almost 100% to buy whatever they want instead of do some planning. Some will have a lot of kids that is not equivalent to their salary scale.
totally agree!
When your kids grow up and become lawyers engineers doctors senang dah lah.
@@playingcasual2024 my 3 kids all are doctors, what's so hard?
True, some people also need to change their mindset that their kids are their investment plan. Totally not applicable for the future. They will only turn their kids into 'sandwich generation'. Your current-self is your own future investment. Save up, gain knowledge, and plan well whenever you can (including how many kids you can afford). Kids are your 'amanah' from God, not your trust funds.
That guy Sukhvinder when asked what makes you happy? He said instead of money or other excesses' that my parent's are still alive', outstanding person.
Thank you BOSSKU and his cronies for this.
Also other kroni.
Lots of kroni
It was mahatir not najib.
I am surprised that many did not know the current retirement age is 60 and not 55.
Back in the late 90s, at my company, a few directors were retired at 55 which I thought is really terrible mismanagement of this country under Mahathir. How often do we come across educated intelligent managers and this country is forcefully retiring them when they should continue to serve till at least age 65 in view of their valuable experience? After they left, nepotism comes into play. Not meritocracy but kakicracy.
a country with so much resources... oil, gas, gold, tin, rare earth....and the country is going backwards and ppl suffering since independent 1963. very sad case.
@@leejpeter3456how so?
What you see is the rural or less educated people. There are millions are doing well.
@@leealex24yah, corruption rampant among the malays & they are a lazy lot.
@@leealex24 i didnt say that there aren’t people in Malaysia who are doing well. Of course there are. But i genuinely wanted to know how the commenter came to the conclusion that Malaysians in general are better off than Singaporeans?
@@ryzalk because we can hv our own lands/properties/cars easier thn sg??
Thank you CNA insider who concerns about Malaysia low salary yet High living expenses, thats why many of us sacrificed or are forced to work in our neighbor country : Singapore 😢😭
Then these people will depress local salary cos Malaysians ok to get lower pay here due to good exchange rate but we Singaporeans suffer as a result.
Is not just Malaysians depressing our local wages. It's the PRC, India Indians and others due to Singapore's addiction and over reliance on cheap foreign labour.. last time crane operator, safety officer Singaporeans still can go into now..all getting invaded by these people. Talk about cost of living? I believe our cost of living in SG outpaces that of Malaysia.
@@cai11tubeagreed! Everywhere see ceca indians especially. I can't imagine digital hub is up and 75% ceca indians all made Singapore home. Wtf
@@moonstarsun633 those who are on the ground see this as stark reality. Dun keep listening to those Ivory tower people keep accusing us of xenophobia. Anti foreigners etc. Already in 2014 my office was in changi business park. Lunchtime it become Chennai business park.... Now in 2023? So much worse off.. why so many locals rather work as grabcar or grabfood doing such hard work without CPF? Pls lah. There is a reason and most of the reasons are legit. The rest of the Singaporeans. Wake up and do the right thing. This isn't just about yourself but future generations
@@moonstarsun633At least Singapore cost of living is relatively cheap compare to Malaysia, with our purchasing power dropped lowerr than ever before 😅
When you're 53 only to discover that you're too screwed up for the retirement plan. That's depressing.
One way is to keep raising the age limit for retirement. However, this is not good. Its a tragedy if a workers has to work until 75 years old if he does not have enough EPF saving.
It's call bad life decisions
can't blame anybody else for it
In Malaysia if you are 46 above year old it is not easy to get a job maybe to do GRAB and security guard etc
@@TerenceTHNgand more older people in the working field means less opportunity of work for the younger gen
It would help if you started making investments while still working. The first two years could be hard, but once you learn the trick and gain the dividend, you will wish you had started earlier.
Salam from Indonesia, I am very concerned about the situation in Malaysia. I want to compare it with the situation in Indonesia. Indonesia does not recognize social security; the country will abandon those who lose their jobs. However, such circumstances have made the lower class have a resilient spirit to work on anything without expecting anything from the government. It is not surprising that many migrate to Malaysia and become manual laborers there. The poor in Indonesia can still laugh freely even under the pressure of poverty. Their standard of living is low, so they do not expect more, and furthermore, prices in Indonesia are also low. I am fortunate to live in Indonesia."
the problem is a national problem. if your currency can drop against sgd from 2.2 to 3.5 in 10 years, your money drops more than 50% value in 10 years. no matter how much u save, its useless. Malaysians should also learn how to invest in foreign investments and not in their own government/country (till their government put an end to corruption) to preserve their wealth. On top of that, Malaysia have a lot of other problems like education and losing talents that needed to fix.
no, it is good news for SG ppl to sell or rent out their ONLY ASSET HDB and retire comfortably in MY.
@JJ_house Not only Malaysians but ANY PRs working on the island, who can EASILY QUIT PR, and TAKE LUMP SUM withdrawal CPF savings and leave SG and return to retire in their hometown or in another country. Cos SG is NEVER a good place for COMFORTABLE retirement, that is why even some SG ppl have joined the Malaysia My Second Home (MM2H) programme.
maybe have a govt provided pension funded by govt investments in stocks, bonds, etc (sovereign wealth fund). Govts with currency sovereignty cannot go broke. Individuals can. Retirees should be able to afford a new car every 10 years, to stay in their home (able to pay property taxes), yearly cruise or other international vacation, 2 domestic vacations, and dozens of books and daily entertainment, food & drink. To paraphrase a certain captain: "I don't wanna just survive. I wanna live!"
The question is: should you work for the economy, or should the economy work for you?
@@yuki-sakurakawa a currency is only as strong as the people trust in the government with a little of currency exchange rate management by the government who own the currency. They can go broke when nobody trust them. With Malaysia's outstanding reputation of corruption, they probably would not be reach that state anytime soon but i am sure they are heading there.
Pension funds, in Singapore analogy, something like our CPF, is not going to be very useful, firstly, they can promise you $500 withdrawal monthly, $500 now is little, imagine after 10 years of inflation, how much would that be? These funds cannot be increase drastically either as this would only stress the future generations as future generations would have the burden to take care of the elderly. The country cannot progress. People have to take charge of their own retirement. Pension funds should only put livable meals on the table for him/her daily, simple abode/shelter, utilities and nothing more. if they want to live, its on them. While I understand these are my thoughts, these may not reflect the thoughts of many Malaysians. it is up to their own country to decide how they want it to be and sort out on their own.
I agree i think the move of allowing the KWSP to be withdrawn is a bad idea regardless. KWSP account 2 itself has multitude of function such as monthly house payment, lumsum house payment, education payment and so on. Moratorium + monthly house payment from KWSP could have helped people rather than taking it directly.
The gov should have concentrated more on lifestyle, controlling the price hikes, managing the ever stagnant pay rate, inflation issues and so on. Our pay rate has never been inflation based adjusted at all
Also we need to encourage our youngsters to go to tertiary studies, build hand skills and so on. Nowadays, many youngsters want to do Grab and drive lorries because they say it will give more money but in long term it would not be enough.
In Vietnam they often retire super early (before 60) and then expect their kids to provide food, shelter, and a little side money
Do you mean extended families take care of each other?
@leigh7507 60 is too early to retire then expect their children to burden themselves with the parents finances. How can they get ahead?
@@upthedown1
Get ahead of what?
Is there a race? 🤔
If not greedy, be happy
This administration is putting many families in difficult situations. A lot of people are financially struggling to live, put a roof over their head and put food on the table. Things are getting worse these days, if you don't find means of multiplying your money you might wake up a day to realise you didn't plan well for yourself and family.
I agree with you and I believe that Professionals are currently dominating the market since they have access to both the necessary strategy for making money in this industry.
That's awesome to hear. I invested 5k in Robin hood about a year ago and it steadily went down, now my portfolio is down to $800. I don't know what to do and i am in between jobs
@@Florencecoxx Understanding your financial needs and making effective decisions is very essential. If I could advise you, you should seek the help of a financial advisor. For the record, working with one has been the best for my finances.
I’m Glad i stumbled on this. Please, if its not too much of a hassle for you, can you drop the details of the expertise that assisted you and how to get in touch with him.?
@@Florencecoxx I get guidance from *Mr Gary Mason Brooks* . Most likely, the internet should have his basic info..
Same in Australia- cost of living is so high most people can barely make ends meet, let alone save for retirement.
But our compulsory superannuation contribution each year helps towards our retirement. The government also allowed some withdrawals during Covid but not to this extent
I've protected and saved my superannuation from the very beginning - consolidating into one account, selecting the investment option based on age and risk, and watching it closely for fees or unpaid amount from employer. Now in my 40's it's half my working life over and careful planning from here on out. Many of my friends and colleagues don't watch it / don't know how to, and they are flying blind heading for a retirement that has more questions than answers.
Actually many Singaporeans also cannot retire and have higher medical expenses, and have to either continue working beyond 65 (if they given a chance to be employed) or they sell off their only home to live in their children's place or if possible live in one room rental flats. this is also the sad predicament in Singapore. Just ask around and look around
no, they would rent out their ONLY HDB and take the money to rent a house or flat in Johor, and retire there. hahahaha.
No lah Singapore soecial wan lah gubmen so good wan- no plan to replace Singaporean workforce with low cost non nationals.
astute financial plan hehehe @@Edwin-fk4yy
Maybe true for some but majority of the Singaporeans have been enjoying their own country for decades now, the quality of life is top notch there and of course, there is a heavy price tag but for them, I think is worth it.
Are you a bot copy pasting this everywhere LOL
My uncle withdrew so much from his pension during covid. I know because he came to me every time to help with the withdrawals since he's not savvy. He youngest is only 5 years old. Wife not working and lots of family issues. Can't begin to think about his retirement
How old is your uncle?
Working poor global plan by elites.
If you have sufficient balance, don't withdraw your EPF at 55. Just withdraw the dividend every year. Withdraw a small amount of the principal if the dividend is insufficient to use in one year. Your EPF money can last a long time.
EPF should start declaring double digit dividend starting next year and every year after that 😡
That's honestly my plan after 55, just withdraw dividend and live a simple retired life.
@@tonyquek1not sure which multiverse you are living. EPF can only invest in Mid to low risk investment vehicle. Double digit dividend? Seriously?
It's called income stream, instead of lump sum in Australia. I think one can set the monthly withdrawal needed.
Like what my family have been doing. Even the dividend is more than enough to for annual expenses.
EPF should stick to their principal and not let any withdrawal due to any circumstances, they shouldn't let their citizen withdraw money for short term usage which will cost more in the future.
Thanks Abah Cow.
Popular political moves comes with a price of retirement savings for the public.
EPF has departed from it original purpose as an old age retirement fund. The recent flexi withdrawal is another setback to deplete savings. Most Malaysians have got caught in the debt culture of spend first and pay later. So easy to get a credit card.
simple thing to do- don't buy things you cant afford and luxury items just for showing off, eat clean, don't eat outside, make small business from home, plants your own food, and maintain this life style. don't stay in big city, if you want to stay in big city, you need to have business and 2 jobs to maintain your living. ...i took out kwsp to help me build my small business, and its going well now. not so much earnings, but it still affordable to maintain our simple family life
As a Malaysian, i can assure you that the people did not suffer much during covid, people withdraws retire funds from EPF to buy Iphones and other luxury items.😂😂😂
Our spending power increased during covid by so much that there were inflations everywhere due to shortage of goods and increased demands for it.
As malaysian myself i would say failed goverment to manage our country,that's it!!!.They put politics number 1 and progress our country number 10! and that's why all rakyat were affected.
Those were the government majority of you voted for. It’s only yourself to blame.
The politics has been gamed since rise of Tun Razak. Once politicians (with their gang of bad apples) set a foothold it is hard to get to rid off.
Look at the Macrons and the Thaksins.
I went to singapore and see old people working in mcdonalds..kfcs..hawker centers..cab drivers..helpers at malls..
I dont see this in malaysia..except maybe cab drivers..
Wonder who cant really retire…
There's a huge difference between working out of boredom and needing to work for survival.
Bruh as if comparing will change anything about the current problem.
@@espadac4746so 60 percent of elderly in Singapore are working out of boredom?and all of them are secretly loaded and living in nicely renovated 4,5 rooms or condos,they just have some sort of secret desire to wash toilets and clear dishes and work in McDonald's at 65?
Rather than spending their golden age chilling at the beach or at rws casino playing slots?
Sorry that you just have to accept the reality.
@@detox78 there's a difference between the country being rich and not wanting to help the poor and elderly struggling for survival...
The people can protest and fight for a better life for the elderly but the population is gullible,
38:48 touched on life expectancy... So true. People are living longer than ever, so there is a real need to plan for a longer retirement period. This honestly frightens me. If i want to live comfortably and not just to merely meet basic needs, i can't see myself retiring at age 60. With inflation becoming worse than ever, the anxiety is so overwhelming
I know someone who is already contemplating suicide as retirement money is locked up by the government..😢
@@Vikingsroardid he ? Hopefully nope though. Wish the best for him/her😢
There are pro and cons. Life is unpredictable. At least those who have worked hard especially labour intensive work should be allowed to have a full lump sum withdrawal so that they can enjoy a few years. Whats the point of drawing an annuity of SGD 500 to 1000 per month for the next 10 years.
Bless that son supporting his parents.
SAME stories with the Philippines, the BIG problem is the lack of Financial Literacy among Filipinos, as they are SPENDING more on their wants, rather on their NEEDS.
Ano ba yung few can afford to retire
But your situation over there is much more worse than them,
at least for them, (economically and in industrial terms) they have their own brands and their own makes that they can improve preserve and flourish in many years to come,
While on the contrary, the philippines don't even have even a single brand or product they can call their own, investors are packing up and leaving due to hight costs of amenities, labor and electricity to name a few,
And more are illiterate in all aspects, specially in financial and practical matters,
Honestly I’m thankful to the government for not listening to public scrutiny and for not bending the cpf rules!
It is strange that average hard-working Malaysians have no pension other than their personal savings, while do-as-little-as possible government employees get generous retirement pensions?
Bloated civil service, how many tea breaks a day?
well,civil services are meant to be provided cheaply while their work is as rigorous.
Majority of people I know personally can retire before retirement age if they do not bother about wealth accumulation.
The ironic is that people classified as not needing help are doing fine, and people classified as needing help are getting worse as years gets by.
As other commentators have mentioned, those who think they cannot retire are the ones over spend. I live like what some commentators mentioned, make my own coffee at home, do not visit restaurants rated $$$ and above, don't use branded goods, etc. I drive a national car, my first car till now, over 20 years. 5 years ago, at 50, I semi-retired and halved my income. I plan to retire fully by 58.
Sukhvinder Singh you are a good man. Stay strong.
problem with people is SHOW OFF, if i can afford a honda civic, i will still buy an axia, in the retirement day, i can afford a civic, while people need to sell their civic and cant even afford axia, probably find it hard to eat 3 good meals and using a bike
That is why learn Delaying Gratification, work hard, Dicipline and also dont underestimate the POWER of CHARITY and GIVING, even u are poor, give more, give and give, soon u will find u become rich out of nowhere, or perhaps some opportunity u never thought of, or maybe u even think come from your own hard work, but actually is BLESSING from above
Savings was totally nonexistent in my mind before Covid, but when it comes, it went downfall real quick. I lost my job in 2020 with near to none savings, I was 30 that time. Tried interview for a few positions, but all of them offer to pay me well over 2k like a fresh grad 😂 I’m agree with what Dr Mohammad Abdul Khaled said ( 21:24 ), it’s irresponsible for government to do that, but still I did withdrawn 10k, it served as starting budget for me to get out of this country to start over in sg. Now I have satisfying and stable income over here, but I’m still not sure if I should contribute to Epf. I know Epf annually 6% is a great investment, but mind you now ringgit is also depreciating at 6% annually too😂
Put it into SNP 500
you should ask yourself why high skill jobs aren't going into MY rather than going to SG. Is because of Education and the Malaysian working attitude.
If it is education and Malaysia working attitude then why so many Malaysian can find high skill jobs in SG?
Yes correct been working in GLC, gov agency and public listed company. Msia company culture very bad everywhere. Organization does not growing, stagnant, many political unimportant things.
I agree withdrawing money from your EPF is a stupid move, that was under stupid PN govt. PHBN totally veto this, non negotiable.
There are good jobs in urban areas, most of the not so good jobs are in rural areas.
Because most global companies don't want to operate in a Malay majority country, known to be lazy, they prefer Chinese majority country like Singapore.
My friend from Malaysia recently went to SG and he said he was quite surprised by the number of elderly working there. Question to Singaporean friends, generally, are they working just to pass time or do they really need the money? Thanks
They do need the money.
The former Parliament Speaker who was recently sacked said they do this as a form of exercise....
Mental exercise
😂😂😂
Gaslighting
Hi CNA, did you do any fact checking about the guy who supposedly walk 320km in a few days?
Do you guys know of the controversy that people were only managed to track him about 50km? He walked at first, complain about difficulty to breathe and then rode at the back of a lorry the rest of the way?
Do you know who sponsored his so called "protest"?
Do you even know whether he even has EPF, the thing that he supposedly was fighting for?
Nice shoes to walk 300km in... Talk about lubang belakang 😂
@@jeremyselvarajah6518 the one who earned 8k per month?
The handout mentality among many Malaysians are easy fodder for unscrupulous politicians to manipulate with such brainless drama to ask for quick & easy money. These clowns, together with the racial and religious bigots are holding back the country's progress.
Honestly watching this makes me glad for our CPF rules, and politicians not bending willy-nilly to public pressure. They have no one to blame but themselves for the situation they're in.
in Malaysia, our asset not only CPF, we have another asset such as agriculture land, housing and commercial.
Maybe that’s why the government has such a policy. But most people don’t have assets. So I’d personally consider the majority who doesnt, and it’s also worth noting that people tend to spend when they have a wad of cash, its human nature, although not everyone obviously. So it’s sensible to lean towards this side for the greater good of society.
Problem is not pension fund. The ppl struggling doesn’t have much to contribute into pension fund because of low wage. Drawing a few thousand here and there only matters for a few months after retirement.
@@choysum because these ppl will have tis mindset "the government will feed us"
There's EPF
Spending money is pleasurable simply because we got no other forms of entertainment other than eating and online entertainment, life is short, don't get married, just spend and leave earlier
Singapore the immediate neighbour, also has the similar problem with livelihood. The Singaporean cost of living has increased drastically, too, since the Pandemic. Even before that, the property price was skyrocketing. The Singaporeans have to have more than two jobs to keep up. Very absurd vicious cycle for "the wealthiest Asian Country". Chasing after money is their most success at the cost of living it.
Huh ? 😂😂😂😂😂😂😂 that for the lazy one
For those lazy ones sitting behind the screen and blaming everyone except themselves
Well, hope you feel better after criticising your neighbor. Poor thing you.
LOL are you a dummy? Clearly, you don't live in SG because basically no one needs to work "more than 2 jobs" to keep up. Your lies are so obvious. Many SGreans are more well off than you poor Malaysians, whining on the internet because of your jealousy towards SG is so PATHETIC🤣. Being lazy and expecting money to fall from the sky is what you Malaysians are good at. Also, fix your grammar.
HOW TO INCREASES INCOME & SAVINGS (POSSIBLE SOLUTIONS) :
1.People need to SAVE more (e.g. Dividends offer by KWSP must be attractive at 7%, MyASNB should give attractive dividends for people to SAVE at 7-8%),
2.People need to UP-SKILLS themselves (Govt need to encourage this, through lower FEES for technical training colleges, etc.), Up-skills means BETTER salaries offer by companies,
3.Govt needs to MONITOR the prices increases by irresponsible SELLERS.
4.AND a few more govt efforts.
Corruption, lack of innovation, laziness, refusal to innovate, education issues, brain drain, religious and racial divide, identity crisis in our multireacial society, and most importantly, Malaysians with the drive to succeed are not here anymore and more will be gone very soon.
Very true.
And sadly, many of them can't wait to put Singapore down, the fact that Singapore is not a perfect country, hence, they always will find some fault, bad attitude, that is. A sad reality for decades, I hope Malaysia can progress more.
thanks CNA Insider for highlighting this issue.👍
this video is total falsehood
Here in indo (jakarta), a motor cycle courier only can earn less than myr 2000 monthly. Much less than what a courier can earn in KL.
Indonesia food and basic stuffs are cheaper than Malaysia mostly and also quality of living is lower than Malaysia unfortunately.
gig economy inappropriate to made in full time job..just made it financing support as part time work..
EPF withdrawals should be made possible in case-by-case basis. If allowed across the board, many who are financially illiterate will misuse it to buy a new car or phone...
It was never gonna be case-by-case, that would defeat the purpose of making yourself popular with the grassroots. Til today these grassroots Malays still fondly call Muhyddin as "Abah" because of how he supposedly handled the pandemic and, most importantly, gave free access to EPF money. Ismail Sabri did the same for himself, although the novelty effect was not there by the time he did it. Now that PN are the oppositions they're happily banging this drum again just to destabilise PH's already fragile popularity.
EPF is only a temporary solution. Can't rely on that 100%. The main issue is the economic downturn in Malaysia.
EPF withdrawal shouldn't be allow at all. It doesnt help, just make thing worse in future
@@Flame304 the problem is those who want to keep withdrawing only think that "this is my money, it's my right to withdraw". Which technically is not wrong, but they also think "why buy insurance? i can just save the same amount every month" but they never actually save it. and they also get married without thinking how much it costs to be in a marriage/raise a family.
Well said!
This is very very sad
I am sandwich generation. My dad is freelancer and my mom is housewife. In 5 years my dad will retire but he has zero retirement money, his only hope is his five offspring to give his monthly allowance. Iam in my 3rd years of my uni(i took out student loan ptptn) and he told be i am expected to give him and my mom at least 1k a month after he retired. His plan is with this 5 offspring of his, he will get 5k every month given by us siblings. My piers also told me to just suck it up and "balas budi mak ayah kau"
The currency is # 1 factor .
Infighting is # 2
Corruption is # 3
Racial inequality is # 4
Refusal to adapt to change is # 5
Lack of talent is # 5
Lazy is # 6
5. In other words, RACISM
6. Caused by NEP by Mahathir
To be honest, under any gov system (no matter which country) there is still going to be a large numbers of populations who can't go into retirement life. I see this figure at least 60%. Another 20~25% will be partly depending on their savings that including EPF and their kids to help out. Only 10~15% of the population can be really looking on retirement life themselves. 5% of the population will die before reaching retirement life. So its not only depending on Gov policy for retirement life. The key is solely on ourselves.
Let face it, stepping into working life till retirement. The length of time is at least 40~50years. During these time responsibilities, loans, accident, social events, anything we could not imagine is going to happen. Most people are not prepared for it. Like 95% of population are not prepare for major events to wipe out savings or carry extra loan unexpectedly. When things happened, still 95% would choose the easy way out. These have compounding effects later in their lives. I recommend proper financial educations, strong money policy, strong EPF systems.
I am a retired Singaporean. I am 49 this year. Retired at age 42, living in Vietnam. I have been working long time overseas that's including in Malaysia. I do have friends in Penang, JB. I am much connected to Malaysia & my home country Singapore.
How I made my retirement? Lots of Savings, keeping myself financial educated, proper investment & plans long terms, lifestyle adjustment. I plan my retirement in late 20s. Real strong savings come into action at 30s. Previously I choose Malaysia as the country for retirement but due to some family and policy issue I left for Vietnam. Currently I have have passive income thru investment, already 7 years here. I don't depend depend on CPF. CPF payout is at age 65, I am 49 now.
Not really true. There are several countries where everyone can afford to retire. And where they also live long lives. Mainly in Europe probably. Good social welfare systems and taxation provides this.
Firstly gratz on you being able to retire early.
An average singaporean should be able to retire early in my or most SEA countries if they wish to do so cause of the exchange rate. Lets be real here, most countries In sea do not have the advantage of such an exchange rate.
This is not a mere matter of savings or financial knowledge but you should also acknowledge that we singaporeans are in a privilege position as comapred to some of our counterparts in SEA. Lets say a single grad in sg, over 20 to 30 years of work you shld be able to save up at least 500k sgd. that is normally enough for you to retire in most sea countries but not in sg. On ther other hand 500k myr, where are you suppose to retire to? africa? housing will wreck you lets not say about anything else
@@Yami0to0hikari I believe you are not a Singaporean. Average Singaporean is difficult to save up SGD500k for his working life after family, kids, housing, car, responsibilities, tax, short holidays, etc. Singapore is one of the most expensive country to live it. Let alone to truly save up enough retirement funds.
In Singapore the official retirement age is 65 and going up. Most people even at that age won't be financial freedom & have retirement funds ready. Singapore do have CPF system, a kind of pension system but mainly on your own $. The payout does give a low retirement sustainable lifestyle if the funds was well paid. Which I agree for country wide system, it's definately going to be this way to balance affordability. So most people still have to depends on renting out a room and getting some $ from kids if they can. Years back even our Prime minister went on TV introducing to us it's a good idea to rent out a room to generate income when kids have their own flats.
I was in JB Malaysia before I move to Vietnam. Before that was in Penang. That time, Malaysia have My Second Home Visa which needs RM1 millions investment + a full health insurance coverage + prove of foreign income of RM$10k monthly. That translate to about SGD$300+k investment (house+car), insurance about SGD 5k yearly, and foreign monthly income of SGD$3k+. Currently many Singaporean are on SGD$3k+/- salary. So most Singaporean already cannot reach this amount even with the strong SGD→RM exchange rate. Now this Malaysia Visa has also upgraded too. I heard it's RM$2millions now. Or SGD$650k, way over most Singaporean can afford. Malaysia is a good country to retire, but the Visa condition & property price is a hesitation. The main reason I left Malaysia is family issues + my wife is having difficulties getting Malaysia Visa even paying $.
As for Thailand retirement Visa, it's cheaper then Malaysia but have similar property issues like Malaysia. Foreigners buys at property at foreigner price which have to take deep cuts to sell. If buy new developments, it's not uncommon to see abundant project. This best way to retirement in Thailand is rent everything and do visa runs. Which is not very convenient.
For Indonesia, currently they do have digital nomad Visa which is good. But there is some unfriendly culture for Chinese there. Just look at Indonesia history I would not elaborate. I have been there many fishing trips + looking for houses.
I was in Philippines for nearly 6 months. I learn kidnapping of mainly Chinese, public guns ownership and the food cannot compare to other countries.
@@michaelseah9617 I'm curious about your impression of the Philippines. There are indeed kidnappings of mainland Chinese but done mainly by mainland Chinese criminals. That is the reason why POGO (basically the Chinese online gambling) is being disallowed in the Philippines. The only discussion now is how fast should POGO be banned. A lot of mainland Chinese will be leaving the Philippines soon and they will bring with them all the crimes that they have committed to each other. Surprisingly, the mainland Chinese criminals target only the mainland Chinese in their crimes. They also target people that they already know.
As for the public gun ownership, I have no clue what you are talking about here. Are you saying that the common people are walking with guns in their waist? I live in the Philippines all my life and I don't have a clue of what you are talking about public gun ownership. It sounds like anyone can just carry a gun with them which is not true.
As for the food, there are restaurants which serve food from all over the world. You have a lot of options as to what food to eat. If you want western food, the Philippines offer the best western food in the whole of Asia. As for the local food, don't go to cheap carinderias. The quality of the food that they sell is obviously not top notch and that's why they can sell at a cheaper price than the restaurants.
@@HelenWLee Europe? Their income tax is so d*mned high on top of the double digit Vat on goods and other taxes.... Most Europeans can't even afford to get married and have families, barely able to pay rent and many will never own even an apartment. Yes for many education is free, medical taken care of (long waits) but they work until their mid 60s at least or no pension. I've heard some Boomer generation Europeans have taken advantage of earlier loopholes for pensions but those loopholes are no more..
My advice for everyone to prepare for rainy days : Always keep your lifestyle below your income no matter what's your profession !!
From minimum wage perspective, US employee works 15 minutes for a Starbucks coffee, but Malaysian worker needs to work 1.5 hours for a starbucks or Zus coffee. Yet Malaysians now drink specialty coffee like drinking water, coukd have saved RM15 each time for future needs. Misplaced priority?
Corruption, falling ringgit and uncontrolled inflation with living costs
Where got corruption....If you don't believe, you can ask Najib. He sure say no corruption.
Besides corruption islamisation is a great problem.
Look on the roads in Kuala Lumpur, and you can frequently see Tesla, BMW, and Cadillac cars.
@@leejpeter3456 explain it - there is a large corrupt group of malay muslims politicians and their gangs who controlled at least 80% of the country’ wealth while purposely keeping a group is for pity party drama that the malay Muslims are still very poor.
Such pity party drama are common in all countries where there are more than 30% Muslims.
@@Userr-Chen-Chenand Chinese too are known to giving bribes.
Are you Jose TIF I say that?
The bad decision of Muhyiddin for EPF..
Till nowadays many Malays shout med want more EPF withdraw for five times again!
Insane!
This bad decision will take its toll in an aging population that is fast growing. Recall what was the primary objective of EPF as an old age savings for retirement. Food for thought.
A personal decision..never blame the gov..no one force anyone to withdraw the EPF money, me myself never withdraw a single cent coz I can still survive..never blame others for our own actions..it is just stupid and low level mind
@@azimahmohamed5417that's very wise of you. Unfortunately, I can already predict that a vast majority of people who had withdrawn their epf will blame the gov for not providing enough financial supports/subsidies in the future, when they run out of funds to survive after retirement. That's the problem with the Msian society - always expect gula-gula from the gov and not taking responsibilities to look after themselves.
I am a Malay.
As far as I can see, I have not met anyone in Malay community who insist on EPF withdrawal.
The EPF withdrawals were allowed twice during Covid.
Now ,all countries have managed to overcome Covid issues.
Living in Malaysia as a foreigner, I find it really hard to relate to this video. It's not easy to hire people, as candidates have high expectations. It's not even easy giving stuff away for charity. Last time, I had to drive 9km to find a charity home willing to take clothes and toys. The malls are full and the restaurants are full. Malaysia Boleh!
What do you mean its not easy to give stuff away and why you need to drive to far to donate clothes and toys ? Do you aware in most shopping malls even middle -end one like Aeon have big bins to donate clothes , shoes , toys ...
Agree . Foreigner living in KL here . So hard to find staff . A lot of people don’t want to work for others , high expectations on salary but low commitment on delivery . Not all but majority of young people under 30 nowadays is not motivated , low learning agility. I don’t feel that they are hungry to earn living. Always feel they don’t need $ that much
I'm 59 going on to 60. My KWSP is at 0 for now. No Financial knowledge? Used all for medical, further education for son and to survive during pandemic. No job, as I was working as a musician (once pandemic started) tried to do food cooking and delivery. Not enough finance to go thru. Kept taking from KWSP whatever balance I had. I blame no one for my predicament. What and how else can the govt help you? All I want now is to get a job with EPF and SOSCO contribution. Which my previous employer never did contribute. Again it was my fault for being so naive, I signed my appointment letter stating I don't need EPF or Sosco then. Why? I was desperate for a job /income to survive, so I signed it. There is no such thing as retirement for me. Life goes on...... Till I die.
Allhamdulilah proud to be a Muslim❤
"They are still alive" - wow that broke me after listening to 90% of this episode
why?
Poor financial planning together with family planning is the major factor for the majority. Plus giving too much air time to this taxi guy. So much energy to walk from JB to KL better take up a second job as a security guard then to take your own retirement saving. Your hole will never be covered due to your poor financial planning.
Their mentality is very simple and totally no long term vision lm Else at 8000 ringgit a month, he can save up a lot and not like now, asking govt to allow withdrawal from own EPF funds. Good days don't last....
@@moonstarsun633 agree. RM8k per month is a decent income for a cab driver and it's possible to save quite a bit with that amount, even in expensive Klang valley. Living beyond ones means, poor financial planning, having so many kids - these plague many Malaysians who do not have sufficient funds for retirement.
@arcturus4067, oh.. RM8000 is from his previous job as chauffer and bodyguard. He admitted he thought good days lasted that time. He can easily take up second job and too naive to think the Govt will allow fourth withdrawal just cos of him! Goodness!
Few Malaysians can afford to retire, yet...most retired Malaysians live quite well. Actually, I had this discussion with an economist friend of mine.... it is really a bad thing? Malaysians are soo comfortable that no one saves up, while in America, even if you have a few millions, you'll be scared to retire.
Which economy is better? an economy where you dont have to care as there are enough social safety nets to rely on or an economy where you have to always work hard and save up.
American Expat can easily live like a king here with 1:4.7 exchange rate. How did I know....cause I work and live there and I am Malaysian. In US, it depends on which city and state you live in. San Francisco, NYC definitely won't retire rich with a few million with average home price USD$900,00 but in Central US like Dallas, TX. Yes you can retire comfortably with a few million dollars and live in decent sized house. The key is to create a multi bucket source for retirement income through work 401k contribution, personal bank savings, personal investments and view EPF (Social Security) as a bonus and not rely on it as retirement nestegg. Educate yourself financially and you should do well. Many of these millionaires are not doctors or from rich families, just regular school teachers earning an annual income of less than USD$100,000. They made alot of early sacrifices living below their means during their working years. They don't drive fancy cars nor own big mansions.
As an Indonesian who grew up in USA, I really pray and wish prosperity for all South East Asians.
USA is worst now, yes?
The EPF is an excellent option for high earnings. Since there is no upper limit, it provides the potential to earn higher returns than other investment options.
A painful video to watch, but fair and quite necessary. There is a solution, though not short term. Education must be the key, easily accessible education to help those in need upskill. It's obvious that many depleted their EPF savings due to sheer necessity. It's not the government's role to teach people how to save. But it certainly must be the government's role to provide the infrastructure whereby those who are keen can be trained and equipped with better-paying skills in order for their earnings to keep up with inflation.
What is the objective of EPF? Emergency funds or retirement funds? It can't be both. It's either spend now, suffer later or suffer now rewarded later. Common folks may not understand the huge implications of spending now, but those in power should know better. This will be a huge problem in mere 10 years when there is nothing in EPF for retirees and at that age it is almost impossible to find employment.
It can be both that's why it have 2 accounts. However Malaysian wages are way too small
The title should be, 'Very few Singaporeans can afford to retire. While Malaysians working in Singapore can retire at 50 or earlier.'
Totally haha.
As a Singaporean, I prefer to work until my health tells me to stop. My dad (an owner of 3 barber shops here in SG) just retired at 73 years old as his health is declining. Even though he is no longer working, he can still earn some money from his business's profits. As a son taking over my dad's business. I choose to go the same path as well. At least I can keep socialising with my regular customers and keep myself active. The last thing that I want is rotting at home.
Nope, title should be, "Many Singaporeans can afford to retire and go to Malaysia while Malaysians can't retire and go to Singapore."
@@aeri878some of us can but why should we waste our money in Singapore??😂
Like many Malaysians, my parents had to dip into their EPF to support the family during the pandemic . Both my parents were semi retired when the pandemic hit the world and both my sis and I were still studying for our degrees. The only saving grace is was at the end of 2023, both my brother and I were already working which helped eased their burden.
The other thing is to live a more frugal lifestyle, which my Mom is an expert at. She always told me to spend like I am earning half of my income.
My only hope is that the economy will ease a little bit and the prices don’t go out of control.
They went to Sg and say Sg no need welfare, minimal wage BUT when msia has it, they didn't say a word. FO
55 retirement age big mistake. Too late already,cos the suffering gone one for too many years. Now ,work till Age 68 necessary ,otherwise the next 30 or 40 years ,those already retired have to eat grass n also be beggars. If they can work beyond 68, allow them to eatn 3 meals a day ,clothes to wear and a roof over their head. If people stop work before age 68 , who is going to support them???
Most asians retire from professional jobs earlier than 60s and get another lower paying job to maintain
All these critics blame the government on allowing the withdrawal - what are they proposing? That the government should not have allowed the withdrawal and let all these poor people have an additional RM10k-RM20k in their EPF? As if that amount will suddenly make retirement affordable for these people?
The problem is not the decision to allow the withdrawal. The problem is low savings of EPF members to begin with!
Spot on
This is worrying, if more than half of our population aren't able to have enough for retirement, our future does not bode well. Growth will be stagnant with future generations having to work much harder to earn a living while supporting the debts of the previous generation, resulting a stunted economy and further falling behind other countries. Malaysia really needs to think how we can leverage on our brilliant but often underutilised and unsung talents and services, and how we can position ourselves in the global markets of tomorrow. It is important that our country elevates ourselves, therefore bringing more wealth and cheaper living costs as a result.
actually it's not a matter of the cost of living in Malaysia causing the issue, but rather their salary (income) has not gone up to compensate for it. Their monthly salary are ridiculously low there compared to their much smaller neighbour, Singapore. Then Malaysia keeps on wondering why so many Malaysian talents are flowing out of their country into Singapore and trying to persuade them to stay and grow Malaysia.
Love for your country is good, but survival is more important. If the government still don't realise this and do something about it, they are doom to fail. Citizens are the wealth of the country, not the ministers' pocket. when your citizens are rich, your country will be rich, so government has to invest more spendings to help citizens improve their skill sets, help companies subsidize for part of employees salary so that they can get higher pay, promote infrastructures to work from home....etc... When citizens have more spending power next time, all these spendings will have huge returns to the country.
Singapore is a very good example which Malaysia should learn from. How we survive covid periods and the amount of spending power Singaporeans have now is huge.
I like allot CNA documentary especially on Malaysia and Singapore life, continue your good work
If M’sia for the last 60 years did not screw up the running of this great nation,Msia is a top economic country in Asia. But with the corruption within the gov etc, that is the first blueprint of a failure of a hard working country ! We are all struggling!!! Also salaries are always low ! Employers looks after themselves! No one cares about the workers ! Main problem is the gov of mishandling of people’s money !!! If I don’t have two jobs..I won’t be able to pay all my living expenses of my family & I only have one kid who thank goodness also works part time after his uni hours! Msian need a gov that is different from the last 60 years !!! EPF alone is not enough. All my siblings will continue to work until late 70’s . And when they retire, they will just be living a frugal lifestyle. And these people don’t smoke, drink or gamble !! No wonder many of the young non bumis inMalaysia are moving overseas like Spore or take a big loan to study overseas & making sure they end up living in that country because they can see how hard it is for their parents to survive in Malaysia’s high inflation! Life is very tough for most Malaysians. Also many are marrying early & having too many kids when they can’t afford it ! Reality is such….Malaysians need to wake up to evaluate their future. Be a smart nation ! Not a nation of believing of false promises
A nation whose leaders also love talking cock😂❤
Really respect the indian chap ..
Hope things get better for him
I think Malaysia may have to increase the retirement age. 55 is too young.
Actual retirement age or compulsory retirement age currently is 60 years old not 55.
Too late already..
Most of then will have debilitating disease by 50 due to obesity.
@@ycl9234 because everyone is too lazy to walk and exercise, because everyone is driving
Should follow Singapore increase retirement age to 67 years old.
For the Malays, it's not all that bad. They have access to the exclusive ASB funds and also children which is a very valuable investment in the Malaysian society.
That can be said to Singaporean too, more often than not these days, many old uncles and aunties have to return to the work force from retirement ! 😮
Many Singaporean chinese ahpek collect cardboards from thrash and some become beggars in the streets
Just started working last year (23) and this year I make it my mission to save RM500 every month on ASB and RM400 to other investments, mainly S&P500 and Crypto (I only earn RM2.2K). I'm lucky because I don't have any commitment now and my parents are still working.
But I don't have a car or any assest and with my current pay I don't think I can own one in the next 3-5 years.
There are some financial officers in this video that understand finance as well as what can and cannot be done. The politicians should listen more and talk less. If salaries are increased it is a catalyst for the economy and everyone wins. Giving out money is not a good way to get votes, but growing security for the future is. Great video🎉
Overall Malaysians population is getting a Low Paying job, so the question of Saving is not there to consider. To get a High salary paying job one has to have Good education which again is a stumbling block in the Malaysian society. Without a Good pay, saving is unlikely to happen. Money matters cannot solved overnight, it is a long term planning process with good self-discipline to achieve the goal. A last movement financial help will not help, it is just a prolonging method which might even lead to another financial nightmare .
high pay, high consume. so could everyone afford that? well, think about it.
@@adrianwang2724thats why financial planning and education is important
1MDB money if not corrupted can definitely aleviate ppl lives. How can I say things like this? I live in Indonesia, both melayus, corrupt everywhere, all the time
Even if you can work until 55yr old in sg. Between 55 to 63yr old if you can't get a job, you also can't afford to retire at 55. You will need odd Jobs or rely on family members!
We are Malaysian living in Malaysia...lots of other country out there always hv a big dreams to own Malaysia..who else don't??facing hard life??this issue happen in every country's in this world but we don't need to worry much as long as we are free & harmonizes country that's made us Malaysian citizens happy..the poor still hv a rice to eat and the rich had bunch of helping hands..we are happy not having lots of money but the bless we got from God and our society are healthy society that the most valuable in lifes
For youngsters, invest or take up insurance when you are still young. As you age, you have other than savings.