EPF’s Nurhisham Hussein - Malaysia’s Retirement Crisis Is Already Upon Us

Рет қаралды 177,971

Күн бұрын

#retirement #malaysia #aged #pension #investing #savings
EPF’s Nurhisham Hussein - Malaysia’s Retirement Crisis Is Already Upon Us
With costs outrunning salaries and a rapidly ageing population, Malaysia’s retirement time bomb has already exploded.
Nurhisham Hussein, a longtime professional acquaintance and Chief Strategy Officer at the Employees Provident Fund (EPF), Malaysia’s largest pension fund, talks to Khoo Hsu Chuang about some solutions, both at a personal and policy level. (Hint: they’re both painful.)
(Many thanks to the Asia School of Business for their collaboration with The Do More Podcast, in whose studio this conversation was recorded. The Asia School of Business is a partnership between MIT Sloan School of Management and Bank Negara Malaysia).
CONTENTS
00:00:00 - Introduction
00:02:41 - Snapshot of Malaysia’s Retirement Crisis
00:14:20 - What is the Policy Response?
00:18:04 - How Are People Getting By?
00:19:35 - Who Is Responsible For Your Financial Future? You? Or The State?
00:25:25 - What To Do About the Ever-Weakening Ringgit
00:29:26 - Undeclared Assets
00:33:49 - Nonexistent Financial Literacy
00:38:29 - Priority List of Financial Planning
00:44:50 - Can Malaysia Raise Taxes Like in the West (to Pay for Social Safety Nets)?
00:48:09 - Do Subsidies Result in a Culture of Mediocrity?
00:50:10 - The Singapore Comparison is Painful
00:52:19 - Direction of Structural Reform
01:00:52 - How Both the State and Private Sector Can Rethink Retirement
01:04:17 - How Good Health is Instrumental in Old Age
01:06:00 - What’s the TL:DR Here? A Summary
01:11:57 - For People, Rethink Retirement
---
FOLLOW HISHAM HERE:
Blog: econsmalaysia.blogspot.com
Twitter: / econsmalaysia
LinkedIn: tinyurl.com/5ts79t5c
FB: tinyurl.com/2dk6npbp
--
Follow Chuang here:
URL: www.domore.my/
LinkedIn: / hsu-chuang-khoo-ab199343
FB: / khoo.chuang
IG: / khoohsuchuang
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Пікірлер: 354

@DoMoreTakeChargeofYourLife 11 ай бұрын

Dear all, just a short note once again to thank you for giving me and Hisham your time; as always, my guests and I always hope to be able to inform and inspire people so that we can all improve, even in small doses, our world and our lives. I’d also like to apologise for the poor audio quality. They occurred by accident and persisted for a few episodes, including this one with Hisham and myself. Thankfully, in more recent recordings the audio quality has since been vastly improved. Thanks again and take care. Carpe Diem!

@Tenelia 11 ай бұрын

some audio tips: - set to mono and not stereo audio in future. - use some amount of dynamic compression to keep the audio levels constant for ease of listening. there are 2 problems here... it's too soft and levels varies too much.

@chefscircle6133 11 ай бұрын

in spite of 45% marginal income tax in Australia, govt services are a joke, an absolute joke. Tax dollars are wasted left right and centre. Malaysia's pay as you go system is 10x better

@khoohsuchuang 11 ай бұрын

@@Tenelia actually the problem was both audio inputs were inserted into the same camera, rather than into a separate mixer. This made editing nearly impossible. Plus, audio from both inputs were audible on the main file. The softness and levels came from the cleanup process because the base file was already very poor. But thanks for the feedback. Valuable lessons were learnt!

@leealex24 9 ай бұрын

Yes, people need to save and safely invest more. Did you know in the 90's, Malaysia Savings Rate was 35%, among the highest in Asia?

@ahmadmustakhimabdmutalib59 8 ай бұрын

My account1 was reduced, someone inside it a goodtheif😢

@HazimAlkhulud 11 ай бұрын

Young people need to watch this please spread this to your friends and families Start to invest now - save money no need to go to concerts, have financial literacy

@zot2698 11 ай бұрын

but that would just make Malaysia's economy go down. people need to spend. Also, as sound as it is...saving your money in the banks is now high risk especially due to high inflation - see Lebanon or other country with high inflation rate. Their life-saving basically becomes nothing. Its a vicious cycle, save your money and dont spend, leads to lower economy, which leads to a lower value for the currency, when the currency goes down...so does the value of your savings.

@xingzheng9664 10 ай бұрын

Is spending sustainable?

@mars1pluto 10 ай бұрын

Balance - saving n spending both wisely 😊

@leealex24 9 ай бұрын

Yes, people need to save and safely invest more. Did you know in the 90's, Malaysia Savings Rate was 35%, among the highest in Asia?

@effuan 8 ай бұрын

Could we possibly arrange more sessions with Mr. Hisham? My only concern is that this session is incredibly valuable for our English-speaking audience, whereas it's the Malay-speaking audience who would benefit the most from this knowledge.

@pussybell2883 4 күн бұрын

I ALSO GO TO HEAVEN CAN COMMENT..DEAR DONKEY ...HELP FELLOW CONTRIBUTERS RIGHTS HE SHOULD DEFFEND LIKE A DEVIL..NOT LET GO THAN SAY FU.....KED UP STORIES..! TICKLING YOU IS IT..!

@jonathangui9763 11 ай бұрын

Please start teaching our children about finance in malaysia especially in primary and secondary schools. Start slow and progress with more material on saving money in primary school, how to spend wisely and how to allocate money for different purposes. In secondary school we can push financial study, investments, entrepreneurship, skills to read profit & loss reports (simple financial reports), scams, and money management in secondary school

@kimchiba4570 8 ай бұрын

Love this Malaysian EPF executive ..very intelligent.

@christopherk7920 11 ай бұрын

At one point before 2010, I decided to increase my personal contribution to about 25% and it went on for a good 4 yrs before reverting back to the minimum (I think it was 11%). Good to see that the short term sacrifice has resulted in a healthy sum in my account despite the weakening ringgit

@taneskumar3653 10 ай бұрын

Thank you for the idea sir.

@christopherk7920 10 ай бұрын

@@taneskumar3653I heard EPF's investment arm made pretty good money this yr. So I expect the dividend this yr (paid in 2024) will be good.

@emedlearning9035 8 ай бұрын

nice idea

@walauahahaha 8 ай бұрын

Wait, u can increase EPF contribution to 25%? I thought the maximum contribution rate is only 13%, or maybe just my company thing

@christopherk7920 8 ай бұрын

@@walauahahaha I am unsure what's the policy now but back then, minimum for employee contribution was 11%. With the 100K max for self contribution currently, this route seems more hassle free.

@paultan4240 8 ай бұрын

Amazing interview. Mr Hisham is so knowledgable and great questions...❤ from Singapore

@lukeh3020 11 ай бұрын

Watching as a Brit living in Singapore, it's striking how the same issues (lack of literacy, currency depreciation, lack of retirement planning, real wage cuts) are prevalent in many different countries. Thank you for the great discussion.

@finding_aether 11 ай бұрын

Well, europeans and american printing money to fund their wars. Not helping😅

@bluedragontoybash2463 11 ай бұрын

it is a world wide phenomenon. Every country have problem with their retirement plan

@silverianjannvs5315 11 ай бұрын

😂 despite violent protests for 13 days, French government did raise the age retirement from 62 to 64...

@Sayonara301 11 ай бұрын

The problem is....when you save money in government trust fund such as ASB, Tabung Haji, EPF ect, the previous government 'stole' and control the yield for investors. If Bank Negara lost in forex or other stupid political investment, they will cover loss by using the peoples' saving.

@HuiyingKoh 11 ай бұрын

Really enjoyed this episode and learned so much. Hope that there’ll be more interviews with En. Hisham or more policy makers.

@daedra40 11 ай бұрын

Same here!

@alexlee1973 11 ай бұрын

Thank God we have competent people like Nurhisham looking after and managing our EPF money.

@fababubakar9047 11 ай бұрын

Ensuring the best interests of the depositers is such a noble cause by EPF. Please educate Malaysian children to be financially savvy. Introduce all the products available when they reach 18 years old.

@dgdfgbhjgdm 11 ай бұрын

Satu perkara ialah sejak sekian lama kerajaan dan pembangkang menunjukkan ilusi pembangunan. Masih tidak dapat mengenali pelakon! Tiada kerajaan telah melakukan apa yang perlu. Buat parti pembangkang langsung.

@wolger 11 ай бұрын

This is the responsibility of parents.

@hxsm8090 11 ай бұрын

@@dgdfgbhjgdm ilusi pembangunan? pembangunan bergantung pada income rakyat. pembangunan yg lambat datang dari rakyat yg bodoh. duit kita tanggungjawab kita. covid pun nak keluar sampai 30 ribu, dah nampak bagaimana bodohnya rakyat kita.

@mars1pluto 10 ай бұрын

Agree but At 18 they might not know how to do so. Financial literacy must be taught in uni, college and maybe secondary schools.

@juzloopz24 10 ай бұрын

Financial literacy is big problem. I only knew of compound interest when I was 18 taking my diploma and attended business math class...

@marktn9851 11 ай бұрын

Noticed how the right question is been asked and giving its guest the space needed for answers. Looking forward to more follow ups to this discussion with more specific focus. Great works!

@rockyshet 11 ай бұрын

I watched this interview because I heard from the interviewee on BFM this morning. Honestly speaking, I much prefer this long form interview when it’s done right like what is done by Chuang. A lot of nuances can be lost when we’re diving into these difficult and complex topics.

@user-uw1br3cr8d 11 ай бұрын

Get into to the bottom of issues and what are the solutions. If EPF savings is inadequate for old age retirement, increase the present rate by 5 % either way by employee and employer is the solution.Too much story telling by EPF representative not relevant to core issues. Make it short and brief .

@ishi0102 11 ай бұрын

Well done. Excellent conversation.

@thehummingbird3660 11 ай бұрын

Very insightful! Thank you.

@patrickyong1501 11 ай бұрын

Just discovered your channel, interesting and insightful at the same time. Liked and subscribed.

@julianng1362 8 ай бұрын

Hisham is always insightful and entertaining. Thanks Chuang

@masterjnmx 10 ай бұрын

love how realistic the conversation is. great discussion. more of this pls.

@abdulramansaad2670 11 ай бұрын

Good insights & thanks to both of u.

@guineapiig8089 11 ай бұрын

Really enjoyed this interview.

@michaele4830 11 ай бұрын

In my 70s, i regret not saving especially in EPF. Worst of all, we went along with Mahathir to demand early release from CPF. Luckily for me, SG sticked to the rules

@giffserado 11 ай бұрын

Good topic to begin with! It really an eye opening how the Malaysia economy retirement in crisis.

@lstan4573 11 ай бұрын

Thoroughly enjoyed this interview. Well done, both erudite and articulate men !

@drbilltay 11 ай бұрын

Nurhisham got good experience and info. Very informative.

@user-xo4vh9yp5l 7 ай бұрын

Great discussion..

@taufiqhasan8044 11 ай бұрын

more session with Hisham please...very insightful and informative !

@DoMoreTakeChargeofYourLife 11 ай бұрын

On it!

@serenewong-gc3jt 11 ай бұрын

Very interesting and sound financial advice....thanks Nurhisham for the good job that you are doing in looking after our retirement funds. More of these nature of relatable interviews please Chuang.

@clementihammock7572 11 ай бұрын

Middle-income trap, decades old Gov poor budgeting, extreme weather plus global fierce competition, it will be a total nightmare.

@awkh21 11 ай бұрын

Great topic of discussion. Apart from just EFP deduction on a monthly basis from our jobs, we should also at least do more with a voluntary contribution whenever we can every year. EPF has just up their voluntary contribution from RM60k to RM100k in June this year and I personally think it's a good move.

@dgdfgbhjgdm 11 ай бұрын

Orang Benggali dan beberapa orang Kerala telah dibawa, Dapatkan wang yang dipanggil selamat bersara..

@Rayang4ver 11 ай бұрын

Since June 2023?

@awkh21 11 ай бұрын

@@Rayang4ver yes

@mars1pluto 10 ай бұрын

Or alternative (safe) savings options

@willc7861 7 ай бұрын

I am so glad we have sound & competent people helming the epf ❤

@thebigsfarm 11 ай бұрын

very productive sort of topic and epf need more such expertise

@devious17 11 ай бұрын

I can only summarize the sharing from Nurhisham as 'Grim and Bleak', Say thank you to the politicians and the unthinking layer of the community. Man power will be in the unskilled bracket as the direct outcome of low educational and aptitude quality, FDI decision will be influenced due to this. Malaysia missed the opportunity to manage subsidy back in the 80's, to implement targeted subsidy now would be disastrous. Good intellectual discussion though.

@justinkuek7777 11 ай бұрын

very agreed with the comment from this vid discussion

@ssmtmobile3883 10 ай бұрын

I as Sporean like this talk is good sorry again if those rakyat know n understand about epf it will be good for the retirement for us our cpf and retirement and also our medisave have already put aside for our retirement and raining day.Tq to our Host and Mr Nurhisham

@zuhairisapudin5429 10 ай бұрын

An insightful session to deliberately consider all the keynotes. Wonderful having both of you discussing on this matter to open up about retirement for the millennial & young generation.

@ryanwilliams989 7 ай бұрын

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

@StellaMaris-lv2uq 7 ай бұрын

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of investing in the stock market and potentially grow your retirement savings over time.

@maryHenokNft 7 ай бұрын

Considering the increased complexity since the 2008 crash and COVID, I suggest diversifying your financial portfolio. I hired an advisor and successfully grew my portfolio by over $150K during this turbulent market using defensive strategies that protect and profit from market fluctuations.

@maggysterling33254 7 ай бұрын

@@maryHenokNft Kindly share the details for reaching your advisor. With inflation negatively affecting my funds, I'm in search of a more lucrative investment strategy to optimize their performance.

@maryHenokNft 7 ай бұрын

Much credit goes to *Camille Alicia Garcia* for her significant contributions. She maintains an online presence, making it easy to locate her. While other advisors might pose challenges to find, Julia has proven to be an excellent mentor throughout the year.

@StellaMaris-lv2uq 7 ай бұрын

I appreciate the information. I did my own research, and your advisor seems to possess a great deal of expertise and knowledge. I've reached out to her via email and scheduled a phone call. I'm impressed by her expertise, and I'm looking forward to our discussion.

@MK-dt9jm 7 ай бұрын

Did not expect to hear about early childhood development from a retirement fund person. Second time listening to Hisham. Clearly, he takes a holistic view of a complex issue.

@AnoniWis 11 ай бұрын

Thank you Nurhisam !. Lots of tips and info regarding the reality. Damn, I'm 28 and already feel the heat. :')

@luipohlin4147 11 ай бұрын

Just a suggestion, EPF can encourage or introduce saving program to School children from age of 10 up to age of 18 or 24. Once they start to work, they can convert this account as their employee/ employer EPF and continue to contribute.

@bc44785 10 ай бұрын

Actually you can open EPF acc at the age of 14

@mars1pluto 10 ай бұрын

EPF is for workers. For children there is e.g. Savings account to save $$$ from infant hood (of course parents help to open the account)

@musico3415 8 ай бұрын

Singapore gov allow children from birth to open child development account (CDA). The fund can be used for education and any balance becomes part of cpf account at the age of 21.

@johannazulkifli4 10 ай бұрын

Love this conversation. Very interesting and insightful! We need more of this kinda convo

@DoMoreTakeChargeofYourLife 10 ай бұрын

Hi Johanna! Thanks for the nice comment. Yes me too. Issues which touch the heart and spoken with candour and credibility is the goal. Chuang

@thebugbud 11 ай бұрын

As Malaysian, out top line is declining, and bottom line is increasing. We spent to much time measuring GDP as our top line, unfortunately, GDP encapsulate both productivity and consumptions. The sad thing is, the consumptions are increasing (and also spent by borrowing) while the true productivity is declining. We need seriously relook at the root cause, why is that so. Quality of our workforce, lack of skill knowledge workers, inconducive environment to nurture great future workforce, red tapes, nationalism, protectionism and etc etc. Take a good example, we lost Grab to Singapore... even though it's homegrown. We need to really do proper self reflection. Out bottom line is worse than the toilet bin. Our efficient use of funds, corruptions, slackers, i wait for you, you wait for me, no sense of urgency culture..... all this increases overall cost of doing business and hence, translating to goods prices. We spent too much, I mean, too much of quick wins, such as subsidies, handouts and all to pacify the general public. All in all, it did not do any good to the country but, at least, the political party will get to keep their place. We didn't spend enough in good quality educations to bring our nation to be more mature and able to weather storm better. We have instead nurtured massive population to be highly dependent on government for assistance and a society that can be preyed by the politicians to their own benefits. I love my country and I hate to see the way it deteriorated to such point of fragmentation. What a waste to what our forefather left for us and we drove it to the ground.

@nafis.mfairus 10 ай бұрын

One thing I'm listening over and over again in this podcast is EDUCATION

@DoMoreTakeChargeofYourLife 10 ай бұрын

hi Nafis The other key takeaway is that everyone must also take responsibility for their retirement. We no longer live in an era where our EPF savings is enough for our old age nor should we expect the govt to meet our every need.

@greatthankstomother 11 ай бұрын

EPF is under the control of MOF Inc, which is control by Finance minister. This is an issue of trust when we have cases like 1MDB with previous PM

@serenewong-gc3jt 11 ай бұрын

Indeed that's the main problem that we can't even trust our own government....sadly

@muralisandrakasan3707 11 ай бұрын

What the hell are u talking about???

@mrkacang7277 11 ай бұрын

On top of that, Najib gave away our EPF monies for US investments during Trump administration, of course the real motive of the investment is to cover his 1MDB scandals. Then you have Abah Muhyiddin who gave the green light for the rakyats to clean sweep their hard earned pension monies on a single event. Malaysians are unlucky and cursed to have such leaders in office

@winterwolf1 11 ай бұрын

Choose your leaders carefully and intelligently....a simple task that had failed for so many decades.

@mars1pluto 10 ай бұрын

Ohhhhh politics

@cstchua8 5 ай бұрын

I enjoyed this particular episode very much, your guest Mr Nurhisham Hussein is a very knowledgeable and intelligent person who knows what he’s talking about. I am very happy for all Malaysians that he is working in the government. The topics covered in this interview are all significant to everyone in the country. I do hope many people watch this episode. Thank You for sharing 🙏!

@UdellYoutube 11 ай бұрын

Unequivocally, it's interesting. Unquestionably, worth of my attention. Nonetheless, well done gentlement! Respectfully, thank you.

@tripleshrimp718 11 ай бұрын

Would love to hear more from Encik Nurhisham!

@user-uw1br3cr8d 11 ай бұрын

What are his strategies to over come the problems in a fast aging population of Malaysia? many will retire with just 50 -60 thousand ringgit to last them for 55 to 75 years if he lives another 20 years. Think of rising inflation and medical costs.many will end up sleeping on the streets.

@anastasiamamis6441 10 ай бұрын

I have seen my relatives make good use of their EPF i e purchase exp car, doing hse repairs works ect..just hopefully they have enough to survive when they retires.

@myringgitinvesting 11 ай бұрын

must like

@banchuanteo3273 10 ай бұрын

As usual sir.. Good talk.....

@DoMoreTakeChargeofYourLife 10 ай бұрын

Thank you Mr Teo Chuang xx

@jennypenny7243 11 ай бұрын

Chuang, you smashed it out of the park again. Excellent topic I have listened to all your interviews on this channel. Keep up the good work.

@DoMoreTakeChargeofYourLife 11 ай бұрын

Thanks so much Jenny :-)))

@user-uw1br3cr8d 11 ай бұрын

He articulates his points well and ask good questions.

@ongth601 11 ай бұрын

He is going easy on the epf guy L

@jennypenny7243 11 ай бұрын

@@ongth601 During interviews one should have common courtesy, can't expect Chuang to go all guns blazing

@elizabethoileng435 4 ай бұрын

Thank you for sharing your thoughts and views, very informative and helpful. Young people should gain insights from this interview for their financial planning and sustainability for their not too distant future🤑

@SkitHertz 11 ай бұрын

Holy crap the comment section is giving me a headache, and this isn't even Facebook. Always been a fan of Hisham and his blog, rarely come across policy makers talk so eloquently about complicated and nuanced issues at length, much to think about (though chances are, people that would sit through this podcast are the ones that are financially better off)

@Richard_H_U 11 ай бұрын

Great conversation.... should be wake-up call for politicians still clamoring for EPF withdrawals just to ease the immediate difficulties! Scary prospects.... savings of RM500,000 to RM1million just to be able to retire!

@iszammajid1800 11 ай бұрын

This channel is so underrated.

@DoMoreTakeChargeofYourLife 11 ай бұрын

Thank you so much Iszam :-)))

@crx6929 11 ай бұрын

I think pensions need to be brought back. I see some elderly people who are still around living on pensions pretty comfortably. Even their widows are taken care off. Corporate greed is getting out of hand and governments are not doing enough to take care of the workers interest these days.

@mars1pluto 10 ай бұрын

Look at Japan and their problems with the ageing population.

@MrGoldGrower 11 ай бұрын

we need to work together for freedom from financial illiteracy - these knowledge should be free and accessible to everyone

@Lena-cl6ye 11 ай бұрын

So true. Wish there was better financial literacy in the country. I think it should be mandatory in school or the workplace. I was lucky to have discovered financial gurus like Dave Ramsey etc in my early 30s, which set me on a path, however most Malaysians are blissfully unaware and suddenly panic when they reach their 50s and realise they don't have enough in EPF for retirement. Especially those that happily dipped into EPF along the way. FOMO and keeping up with the Joneses is really messing up the finances of our middle class.

@yauyh88 11 ай бұрын

Savings will never be enough when salaries are so low in Malaysia. People are piling up high interest debt when EPF deductions are made from their salary and getting low returns on EPF savings. From a balance sheet point of view, it is a financial disaster. The only solution is to increase income, then only can you have more to save.

@RaulSelva 11 ай бұрын

To increase income, people would need to move to sectors that benefit from rampant central bank money creations (eg investment banks), sectors that get government largesse or, high-tech sectors (not many, including myself, have the brain power for this). Either the above or work 2 or more jobs for the extra moolah (which is what more and more in the West are doing).

@muhd7144 11 ай бұрын

While the title is about retirement, the video articulately discusses a range of cognate issues - excellent. PS: I can't agree with a number of comments that say the video sound being too low and somewhat inaudible. I think it's just fine.

@colindant3410 11 ай бұрын

It would be helpful of the volume was a bit higher.

@DavidLow 11 ай бұрын

Very good topic covered. Btw out of topic, maybe just me, the sound might not be well mixed specifically 'balanced'. Thank you for quality contents!

@rheh2570 8 ай бұрын

an insightful conversation which is based on info and knowledge plus understanding of what's going on. it's difficult for younger gen to understand this and not look at external factor such as parents for safety net. plus Malaysian shouldn't be fixated on the SGD-MYR exchange rate and complain.

@bennyng2414 11 ай бұрын

There has to be financial education in school. Teach the concept of earn, save n invest. Delayed gratification is very important

@mars1pluto 10 ай бұрын

Thank you for talking about something most people/ politics won't talk about

@mars1pluto 10 ай бұрын

Oh maybe in future, can have this important topic in Bahasa Malaysia too 😊

@izuanheadstompvega2152 11 ай бұрын

Wage has been stagnant for soo long..but inflation is soaring

@user-kl7rh7lg4x 11 ай бұрын

Informative,and Sound quality can be improved.

@wankaychew7608 11 ай бұрын

Very good podcast but wish it can be longer. And for heaven sake the audio system is …….

@rethnajaga2034 11 ай бұрын

If i am right, epf had reduced employer's contribution after 60 years to those who were still working. It was around 5% or 3%. Employer's contribution should remain same till retirement per salary bracket.

@yeowchongong5608 11 ай бұрын

Self discipline is the key. Make yourself always feel u don’t have enough then u will safe.

@JL-sw3sb 11 ай бұрын

I'm a Singaporean living in Singapore. Singapore is using old money and borrowing money too. To cover the loss caused by covid, the state increased GST and let property skyrocket to the point that we are higher than HK. Baby boomers' are delayed year after year, and we all have accepted our fate that we will not see our CPF in our lifetime. In Malaysia, the state sacrifice for the people. In Singapore, the people sacrifice for the state.

@harisadu8998 11 ай бұрын

Property for sale in SG is not more expensive than HK even today. But rental costs are now around 10% lower than HK only. May even be around even very soon.

@hansontan6025 11 ай бұрын

Come migrate and live with us in Malaysia ... our government will take care of you

@whitesteelangle156 11 ай бұрын

The government delay the cpf payout from age 55 to 65 which the citizens received montly

@ccommekdgak 11 ай бұрын

*Sacrifice for the Lee family and their friends 🤣

@willc7861 7 ай бұрын

Finally someone wakes up from the illusion of sg heaven

@jeremiahliang8273 11 ай бұрын

There is huge difference between a legal economic unfairness vs an illegal economic injustice. No matter how you taint or gaslight this difference with racial or religious overtones, it will be a big moral and political mistake to not understand this. The marurity of a nation is at stake when we confuse our youth with these issues.

@kkhalifah1019 10 ай бұрын

7:35 - Basically Nurhisham is admitting the looming retirement crisis is partly due to the Govt's misleadingly low inflation figures. Just last month the Govt announced a reduction in inflation to 2.5% and year-on-year the number seems to hover between around 2-3%, which is certainly NOT a reflection of the prices we see in the street by any stretch of the imagination!

@livedtea4363 11 ай бұрын

Nice work. Could you record with louder voice? I am at 90% volume....

@crx6929 11 ай бұрын

Another cost that the elderly will need to factor in for the future is maintenance cost. People are increasingly living in condos or gated guarded communities and the maintenance of these properties will last forever, even if you finish paying for your property. These maintenance fees are also getting higher and higher.

@norin1613 10 ай бұрын

This is so true !

@mars1pluto 10 ай бұрын

My parent live on landed property there's still maintenance such as the gardener every month if not the grass grows too long, house repairs etc. The only difference is from e.g. condo you can choose who and how much you want to pay for the necessary maintenance to have a livable house.

@yewchoongsaw6774 10 ай бұрын

The tag line says it all - take charge of YOUR LIFE. The only person that you can 100% depend on is YOURSELF. Don't wait for the perfect education system or healthcare system or government policy. Start taking charge as an adult.

@DoMoreTakeChargeofYourLife 10 ай бұрын

Glad you said it. It's a malaise of modern society that people have of their volition (!) chosen to outsource some of the most important aspects of their existences, including a. child care, b. retirement c. healthcare and d. personal development. Not good.

@Wendy-dm5ox 7 ай бұрын

Please also dive into the details of EPF low contributors where majority of them have switched to civil service or were already covered under pension fund as government servants.

@samliew6610 11 ай бұрын

Family planning is very important. Don't just produce without braking and suffer later. That will plunge the ordinary wage earner into long term poverty.

@calvyncraven1141 11 ай бұрын

The other problem are those that do not have enough kids. Thats the reason that leads to an aging population

@user-uw1br3cr8d 11 ай бұрын

A former PM once encouraged people to have 5 children when he took office. His rationale is simple. Majority wins. Politics is a numbers game.

@ericminchooooi5253 11 ай бұрын

What is the rational for EPF contribution for those employees above 60yrs old reemployed is pegged at 4% employer share as against the 11% for pre retirement employees.

@ksh9394 11 ай бұрын

Tengku zafrul said malaysia economy bagus.

@clementchinsterer 11 ай бұрын

In my life long working career. I discovered some employers I worked for failed to contribute my EPF ......Even I reported some cases to EPF officer. Nothing done to employers who owe me my contributation.

@mars1pluto 10 ай бұрын

In my case the KWSP helped by warning my employer to pay staff when 2 people incl me made valid complaints to KWSP. Thank you, KWSP.

@user-uw1br3cr8d 11 ай бұрын

One way is to enforce compulsory savings for employees for old age retirement is to increase the present rate of contribution. The present rate of about 20 % is definitely insufficient saving for old age due to rising inflation on food prices and medical treatment. A rate of 15% and another 20% by employer will help to increase a members credit to tide him after retirement. The rate of contribution in Singapore is much higher.Also, they have a medic care system for workers. The employee pay a small percentage deducted against his salary. When he is sick, he gets free treatment at approved clinics. Looking at the EPF credit balances of most EPF members of about 50 to 60 thousand ringgit, How are they going to sustain themselves upon retirement at 55 years assuming if he lives another 20 years after retirement in view of rising inflation on everything.Malaysia has a growing old age population. The present EPF system is not encompassing as an old age retirement fund. Much more can be done.

@dinsilkhannaz7696 11 ай бұрын

Why we save and invest money if the value is constantly diminished? Its a stupid move... the retirement saving is a mega ponzi pak man telo scheme... Save physical gold and produce lots of children may help u during retirement age

@mars1pluto 10 ай бұрын

Most people won't agree with it. They just want their $$$$ now - instant gratification.

@leealex24 9 ай бұрын

Yes, people need to save and safely invest more. Did you know in the 90's, Malaysia Savings Rate was 35%, among the highest in Asia?

@leealex24 9 ай бұрын

Yes, people need to save and safely invest more. Did you know in the 90's, Malaysia Savings Rate was 35%, among the highest in Asia?

@shiltonspelberg2009 11 ай бұрын

Its hard. Wages are so blackballed, and to accrue enough equity to make it on yourself take so much time.

@nicolajuezs 11 ай бұрын

For EPF apps, add a bar/chart as a guideline indicator for the target amount corresponding to each age. This will tell individual how far they are left behind and discourage unnecessary withdrawals for gratitude purchases. @NurhishamHussein please adapt this strategy,

@myretronation 11 ай бұрын

Great interview but if I may offer some feedback - audio levels are too low and not very clear at times

@albertkoay1016 11 ай бұрын

The school education system must incorporate a curriculum on financial management. It will be good to start at a suitable young age, maybe around form 1. How many after even form 6 knows something about financial matters n wellbeing. How many have been informed that they should contribute more that the statutory employee contribution %, if the person has surplus to contribute. Imagine 11% vs 21% as an example. I stress education starts young on financial management.

@user-uw1br3cr8d 11 ай бұрын

Precisely. Financial management should be taught to school children from form 1. Encourage the habit of savings at an early age. The problem with Malaysians is to spend first rathan setting aside 10% of their pay as saving for use in emergency like an accident, loss of jobs, sickness,etc. How many malaysians have at least 6 months savings to tide over in case of loss of employment. It looks on 5 % have enough savings to sustain until they find a new job.The idea of saving once a person starts works cannot be overlooked for various reasons.

@user-uw1br3cr8d 11 ай бұрын

Many employees are living from paycheck to paycheck. having a few credit cards is the norm. Its a kind of debt culture. Buy first, pay later system as encouraged by business people.

@suiloongyong7563 11 ай бұрын

Defiantly

@mohdnor1198 8 ай бұрын

Great interview. Very interesting topic. Now I need to re think my retirement plans

@jefm3598 11 ай бұрын

Hope they have kids to take care of them

@albertkoay1016 11 ай бұрын

It is good to teach our children to play monopoly when they are 4 yrs old and above. They will learn investment strategies and the value of money.

@user-uw1br3cr8d 11 ай бұрын

The Education Dept should embark on teaching soft skills to school children on the importance of saving and basic financial planning

@starz2020 11 ай бұрын

It’s already happened since independence….the wage has to increase and this is a difficult task…

@JasonDing-oi3jm 5 ай бұрын

Enjoy watching your videos. Just one feedback, do get a better mic.

@irinejessjohnson7132 11 ай бұрын

Interesting and informative talk....but En Hisham was not audible enough.😢

@user-uw1br3cr8d 11 ай бұрын

Informative but can be condensed. Go into the real issues and how to rectify.

@smyong414 11 ай бұрын

Chuang,audio seems soft. Need to listen in a quiet place

@gloeug7971 11 ай бұрын

Unit trust is really useless

@user-uw1br3cr8d 11 ай бұрын

Ageed.

@nop4778 10 ай бұрын

i disagree. it's useful as a source of income for UT agents

@scg9065 10 ай бұрын

Why do you guys say this tho? Like what was the bad experience you guys encountered. I think it’s great for beginners. Of course don’t go through an agent. Nowadays we have things like FSM, etc. that being said there are also things like StashAway etc that offers much lower rates.

@MiseryBearAndFriends 8 ай бұрын

Can’t agree more 😅 just invest to make tax claims nothing more. Rather take that money to invest in KWSP.

@mhmdnazel1 11 ай бұрын

All education should be made free at least until pre-university .. And U education is subsidized for those outstanding students especially those who cannot afford it .