How to Overcome Malaysia’s Retirement Crisis

According to reports by Khazanah and EPF, most Malaysians do not have adequate retirement savings. As of 2024, only 36% of EPF members meet the current basic savings level of 240 000 at age 55. And that’s just basic savings that will allow you to survive from month to month for about 15 years post-retirement. So, are we in a retirement crisis? And what can we do about it?We speak to Geoffrey Williams, who's an economist.In this episode, we discuss:What are the markers that indicate that Malaysia is undergoing a retirement crisis.The key factors driving the retirement crisis.Impact of the crisis towards individuals on the ground and overall health of the economy.The disparity between ethnic/racial communities and within, when it comes to retirement savings and what that tells us.What can Malaysia learn from other countries in the region who are facing similar challenges.A case for universal basic income, by a market economist. See omnystudio.com/listener for privacy information.