Average worker will have RM120,000 in EPF- The Star Malaysia
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By ZULKIFLI ABD RAHMAN
KUALA LUMPUR:
An average worker will have about RM120,000 in his Employee Provident Fund (EPF) account by the time he reaches the age of 55, Deputy Finance Minister Datuk Seri Ahmad Husni Hanadzlah said in Dewan Negara on Monday.
He added that the amount, which was calculated based on the person’s working life of 30 years, would provide him with an average of RM500 in monthly returns for 20 years after reaching 55 years.Ahmad Husni said the amount would enable him to meet basic expenditures.
However, the person must contribute more than RM120,000 to his EPF account to enjoy a more comfortable retirement life, he told Senator Ikhwan Salim Sujak.Ahmad Husni said the EPF had strategies to ensure workers were prudent with their savings and they should invest their savings in proper schemes.
He also said EPF contributors were allowed to withdraw from Account II to buy a house or a second house if they had settled the loan on their first house.To a question, Ahmad Husni said there were no plans to compel contracted or part-time workers to contribute to the EPF
