Retirement savings for Malaysian workforce insufficient, says KellyOCG

KUALA LUMPUR: The retirement savings of the public and private workforce is insufficient, due to almost 70% of active 54-year old employees having less than RM50,000 in their accounts.
Citing figures issued by the Employees Provident Fund (EPF), Kelly Outsourcing and Consulting Group (KellyOCG) Asia Pacific Vice President Anthony Raja Devadoss said as of 2013, there were about 70,000 contributors from the age group, having average savings of under RM167,000, while the minimum savings level was RM196,800.
"A majority of today's soon to retire workforce is inadequately prepared for retirement. By 2030, there will be at least one in 10 persons of retirement age," he told reporters after launching The Active Life Planning Programme (ALP) and LifeOptions Profile (LOP) today.
He also noted that due to increases in the cost of living, employees should plan for retirement, start preparing early and looking for investment with good returns.
"Do not rely solely on the EPF and Private Retirement Scheme," he said.
On the ALP, he said that the pre-retirement assessment helps in evaluating employees' skills, values, interests, strengths and other parameters that are important for the transition.
The LOP helps assess current behaviour in the context of their impact on future happiness and well being, as well as measures for preparedness towards retirement. – Bernama