Financial experts have come to the helm to warn that 6.1 million EPF members age 55 have less than RM10,000 which would result in them retiring with insufficient money.

Prof Dr Barjoyai Bardai, a renowned economist, said, “So by the time they retire, they will probably have between RM15,000 and RM20,000. What can they do with this amount and how long can they survive with it?”

He claimed that the EPF scheme has failed in its objective of protecting contributors when they retire.

Malaysians are now blaming the government for the lack of security over their bleak future.

Richard Ho believes that the mistakes of politicians will make the people more resilient.

“They might be poor but they do have a backbone, unlike those politicians that only knew how to enrich oneself by wielding their power upon the ordinary Malaysians to create wealth solely for themselves,” he said.

Sarala Ganesan says the problem is rooted in B40 communities being underpaid and their increment is peanuts.

She said, “B40 salary should have been reviewed a long time ago. Most of them were in the direct labour category.”

She also mentioned that B40 members were likely forced to withdraw during the lockdowns to place food on the table.

-THE MALAYSIA VOICE