PETALING JAYA - Malaysians are increasingly vulnerable to
being financially unprepared for retirement because of their longer life span
against early retirement age, a study on retirement attitudes suggests.
"An astonishing 92 per cent
of current retirees report they left the workforce by age 60," said the
study entitled Balancing Tradition and Modernity: The Future of Retirement in
East Asia.
The study tracked retirement
behaviours and expectations across six East Asian countries.
The countries are China, Hong
Kong, Singapore, South Korea, Taiwan and Malaysia.
"In China, the elderly will
make up 30 per cent of the population by 2040, and 40 per cent in Hong Kong,
Singapore, South Korea and Taiwan," it said.
"In Malaysia, they will
still be under 20 per cent," said the study, which defined elderly as
those who have retired.
The average retirement age for
the six countries is 60 and above.
The study was based on a survey
commissioned by the Centre for Strategic and International Studies (CSIS) and
insurance company Prudential.
Malaysian Trade Union Congress
(MTUC) president Mohd Khalid Atan said workers from the lowest salary group
were possibly the ones who lacked financial strength to face retirement.
"Most of them started work
with a very low salary and even lower EPF contribution. As time passed this
amount will have increased, but it is still insufficient for their retirement
plans," he said.
Cuepacs president Datuk Omar
Osman said workers approaching retirement should also plan on how to maximise
their retirement fund.
"One of our suggestions is
to organise a three-month course for those retiring in five to ten years, so
they can learn the proper ways to manage their finances during
retirement," he said.
Omar said retirement preparation
courses should include advice on healthcare management, which he said was a
major concern among most retirees.
"It is of great importance
that we have a well-drawn-up course to raise awareness on how to manage
finances and healthcare matters after retirement," he added.
The Star/Asia News Network
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