The Employees Provident Fund (EPF) in Malaysia has set a quantum of RM196,800 as the minimum amount members should have in their EPF account when they reach 55 from January 2014.
The new quantum was benchmarked against the minimum pension for public sector employees which is equivalent to an income of RM 820 per month for 20 years from 55 to 75.
Statistics from EPF has shown that 71% of its members have less than RM50,000 in their account at 55 which was deemed insufficient to support their retirement.
Source: The Edge
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