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
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