More than six million account holders of the Employees Provident Fund (EPF) have less than RM10,000 in their accounts to last their twilight years.
This shocking statistics was revaled by the department in a recent statement, saying that a total of RM101 billion were dispersed to some 7.4 million account holders via various initiatives to mitigate the impact of the COVID-19 pandemic.
"Although the withdrawals provided some financial relief to our members during the pandemic and the ensuing lockdown, at the same time, it left 6.1 million account holders with less than RM10,000 in their accounts.
"Of this number, 3.6 million people have less than RM1,000, making them more susceptible and without retirement savings," added the statement.
The Bumiputera and Malays make up the bulk of the group with the least number of savings left, with more 4.4 million (54 per cent) having less than RM10,000, and 2 million (25 per cent) having less than RM1,000 left in their accounts.
This is followed by the Chinese (13 per cent), and Indians (seven per cent), who have below RM10,000 in their accounts.
EPF estimates that an individual has to work another four to six years to rebuild the depleted savings nest.
Photo source: Astro Awani
Wed Nov 03 2021
.jpg?ext=.jpg)

Astro's Suthesan Jeyaramah Wins Asia Awards for 11 Years of Excellence in Graphic Design
Astro's Graphic Designer cum Editor Suthesan Jeyaramah has won the Asia Awards in recognition of his varied work in his 11 years in the industry.

UM Hindu Association to Hold National Moral Quiz Competition
The Hindu Society of Universiti Malaya (HISUM) will be organizing the 26th National Level Moral Quiz Competition on 18 and 19 June, 2022. Here's how you can join.

Meet The First Indian Horseback Archer
Rubentheran Sivagurunathan is the country's first Indian horseback archer, and he wants more Indians to be involved in the sport. Here's his story...

Boy, 5, Secures Spot in Record Book for Naming 80 Dinosaurs in One Minute!
Most adults may not be able to tell apart one dinosaur from another, but five-year-old Siddhar Kanagarajah has secured a spot in the Malaysia Book of Records by naming 80 dinosaurs in just one minute!
.jpg?ext=.jpg)
Aspiring Scientists, Build and Launch your Own CanSats!
Measat Global Bhd, in partnership with APADILANGIT, is organising the CanSat Competition 2022, in conjunction with the upcoming launch of the Measat-3d satellite on June 23, 2022. Here's how you can join.

Food Going To Waste? Call the Food Rangers!
What do you do when you don't want excess food from your function to go to waste? Call the Food Rangers of course!

A Young Scientist's Journey From Nagalilit Estate To London
Dr Rajesh Ramasamy has come a long way from his days of growing up in an estate in Kedah. This is the scientist's inspiring journey...

Pubs and Nightclubs Reopening: These are the Rules to Follow
Eager to go clubbing when pubs and nightclubs reopen this weekend? Make sure you get your COVID-19 self-test done first before you head out to your favorite joint. Check out more guidelines lined up by the government here...

US-Based Malaysian Track Star Receives Billionaire's Financial Backing
Billionaire Vincent Tan has come forward with financial backing for the academic and sporting pursuits of US-based Malaysian athlete Shereen Vallabouy, said a report.

This Blind Chef Can Cook Up a Storm In the Kitchen
R Rukenthiran lost his eyesight to glaucoma seven years ago. However, instead of wallowing on self-pity, the gutsy 34-year-old is now the head chef of his own home-cooked business.

Join "Baba's & U Enggal Insta Chef" Contest & Stand A Chance To Win Up To RM10,000 Grand Prize!
Participate in the "Baba's & U Enggal Insta Chef" monthly contest by uploading your cooking video on social media and be in the running to win RM1,000 monthly cash prize and RM10,000 grand prize!

5 Kollywood Stars Who Consider Kamal Haasan Their Mentor!
Let's look at five successful Kollywood actors that look up to Kamal Haasan as a mentor or an inspiration!

15 Mind-blowing Facts About the Human Body
Here are 15 mind-blowing facts about the scientific marvel that is the human body.

Thinning Hair: Causes and Remedies
Experiencing premature hair thinning? These are some of the causes, and remedies, for your benefit.

Why Did These Kollywood Stars Attend the 75th Cannes Film Festival?
Discover why many Indian celebrities graced the Cannes Film Festival this year!
.jpg?ext=.jpg)
RAAGA's Short Story Competition: Here Are the Winners!
RAAGA has announced the winners of the ‘Short Story Competition’, held in collaboration with the Malaysian Tamil Writers Association for aspiring local writers from 28 January till 28 February 2022. Here are the winners...

Astro's Suthesan Jeyaramah Wins Asia Awards for 11 Years of Excellence in Graphic Design
Astro's Graphic Designer cum Editor Suthesan Jeyaramah has won the Asia Awards in recognition of his varied work in his 11 years in the industry.

UM Hindu Association to Hold National Moral Quiz Competition
The Hindu Society of Universiti Malaya (HISUM) will be organizing the 26th National Level Moral Quiz Competition on 18 and 19 June, 2022. Here's how you can join.

Meet The First Indian Horseback Archer
Rubentheran Sivagurunathan is the country's first Indian horseback archer, and he wants more Indians to be involved in the sport. Here's his story...
