Malaysians want a say in how they receive payouts
For many Malaysians approaching the retirement age, they want to have a choice.
Process senior engineer Adam Abu Bakar, 50, said having several options would allow eligible members to make a decision on how they want their savings to be disbursed.
'It shouldn't be limited to either monthly payments or a lump sum amount. Personally, I am fine with either but there must be clarity on how the monthly payouts are calculated,' he said.
He also urged for EPF to have financial advisors readily available to help people manage their retirement funds.
'When a large sum of money suddenly presents itself, people may not know how to save or grow it,' he said.
The 13th Malaysia Plan (13MP), which was tabled in the Dewan Rakyat last Thursday, stated that the government was considering introducing a monthly pension payout under EPF.
In response, EPF said any decision on this matter would go thorough engagement with key stakeholders and careful consideration of members' long-term interests.
Events supervisor Karina Cheng, 54, favoured lump sum payments, saying it can help during emergencies.
'We've worked hard for the money and these are our savings.
'It helps to have cash on hand, as any emergencies beyond our working years can be difficult to manage financially,' she said.
Accountant K. Shanmugam, 56, said he preferred the current system over a pension scheme.
'I have my Akaun Emas which I got at 55. I hope they will not force me to resort to a monthly pension scheme. It will not be sustainable for me as I will need my savings for expenses such as my children's wedding and so on,' he said.
'If I am able to fully withdraw my savings, then I can plan my finances better. Also, considering a person's age, there may be health emergencies as well that may require huge amounts of funds.'
As such, he said he wanted the government to maintain the current system.
Akaun Emas refers to an EPF account for members who reach the age of 55. Any contribution from members aged 55 will be credited into this account and can only be withdrawn once the member turns 60.
A senior bank executive who wanted to be known only as Henry, 56, said the current mechanism allowed him to financially support his child's tertiary education expenses.
'Without the lump sum option, it can be very challenging to manage these expenses out of pocket,' he said.
'However, I do understand why the monthly payouts can help, as some people may splurge or even worse, get cheated of their savings.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
26 minutes ago
- New Straits Times
The 13th Malaysia Plan: Strategic clarity in an age of disruption
LETTERS: As economic certainties are breaking apart at the seams by fragmentation, digital disruption and rising protectionism, the tabling of the 13th Malaysia Plan (13MP) under the Madani government could not have come at a more critical juncture. Where once there was predictability and stability, bolstered by robust competition, the global landscape is now dominated by intense strategic rivalry and geo-economic uncertainty. Long a trading nation and a highly open economy, Malaysia must navigate these treacherous waters, exposed to global headwinds, not least the Trump administration's re-imposition of tariffs. The current 19 per cent duty on most Malaysian exports to the US, though a reduction from earlier announcements, reflects a difficult compromise. Exemptions for key sectors such as semiconductors soften the blow, but the overall message is clear: trade is becoming more politicised, and diversification is no longer optional but essential. Some have suggested that Malaysia's arrangement with the US bears little distinction from those secured by its regional peers, or worse, represents a form of quiet capitulation. Such critiques overlook a key reality: economic diplomacy in today's climate is no longer about extracting perfect outcomes, but about managing asymmetries wisely. Malaysia's approach has been guided by strategic calculus, not submission, and herein lies the difference. Malaysia has safeguarded critical policy space, including Bumiputera affirmative action, protective tariffs for strategic industries such as automotive, and the continued issuance of Approved Permits (APs), all while ensuring continued dialogue with Washington. The 13MP responds to these realities with a forward-looking framework that positions the country for resilience and renewal. It outlines a vision of strategic autonomy rooted in structural reform, domestic capacity-building and constructive global engagement. Building Strength for a Digital and Industrial Future A central theme of the 13MP is the development of Made by Malaysia products, anchored in existing policy documents such as the New Industrial Master Plan 2030. In addition to prioritising research, commercialisation and innovation, the 13MP supports high-growth sectors, aims to attract high-impact investments, and strengthens the nation's talent base. This ambition is writ large in the commitment to artificial intelligence and digital transformation. Malaysia must move beyond backend assembly in global value chains. The RM10 billion investment by Nvidia, partnering Khazanah Nasional, reflects international confidence in Malaysia's capacity to become a regional pivot for high-performance computing, AI infrastructure and data governance. Yet, this is only the beginning. The 13MP envisions nurturing home-grown innovation, making domestic firms more competitive and equipping Malaysians for the technological frontier. It advances these goals by strengthening industry-academia collaboration, supporting the AI ecosystem under the National AI Roadmap, and promoting agile governance through regulatory sandboxes. At its core, the 13MP is about economic, institutional and societal resilience. The focus is on value creation and long-term quality investment, where public spending and policy incentives serve strategic objectives, not the least being boosting domestic value capture and supporting high-impact sectors. As for the National Energy Transition Roadmap, gearing the nation towards a low-carbon, high-value economy, the kicker is in catalytic projects and investment opportunities in green hydrogen, solar manufacturing and grid modernisation. Energy resilience and environmental stewardship are crucial to ensure we aren't left at the starting block in the global green economy race while laying the foundation for new industrial ecosystems that align with long-term national interests. Reclaiming Global Relevance Through Economic Diplomacy Malaysia's tradition of non-alignment remains a key advantage. Our credibility with both East and West, combined with a reputation for moderation and consistency, positions us to bridge divides in a fractured global order. The 13MP builds on this by encouraging deeper engagement with emerging markets, reinforcing commitment to multilateral platforms such as the Regional Comprehensive Economic Partnership, and reaffirming Malaysia's leadership role in Asean as well as participation in BRICS. Economic diplomacy, in this regard, is not incidental but a core pillar of the 13MP, demonstrating the inextricable link between domestic reform and global positioning. By expanding trade relations with sub-Saharan Africa and Latin America and leveraging existing trade agreements, the 13MP seeks to fortify resilience in an era of shifting power and contested norms. Its call for fairness, predictability and sovereignty in digital and trade governance reflects long-term strategic interests. Still, the 13MP is only as strong as its execution. While Malaysia has never lacked for vision, the adage that between the ideal and the reality falls the shadow of incoherence and failure sometimes still rings true. Nevertheless, we take heart that the 13MP introduces mechanisms for inter-agency coordination, performance tracking and institutional accountability. This is vital considering that we were once dragged down by a system that prioritised form over substance. And, in order to truly appreciate the role of the 13MP in today's context, we must move beyond outdated critiques and assess what national planning means in an era of complexity and disruption. It has become fashionable among some commentators to dismiss Malaysia's five-year plans as relics of Soviet-style economic totalitarianism. But this ignores both the evolution of the planning process and the complexity of modern governance. Unlike Stalinist central planning, the 13MP does not attempt to micromanage the economy, nor does it presume to absolutely override market mechanisms. Instead, it provides strategic clarity in areas where the market alone cannot resolve collective dilemmas such as climate resilience, energy security, digital infrastructure and regional inequality. Clearly, Adam Smith's "invisible hand" has remained largely invisible in times of economic turmoil. Intervention, where strategically planned and executed, is imperative. Most importantly, the 13MP is not a promise of overnight transformation. Real change demands political will, technocratic skill and broad societal alignment. It calls for the courage to move beyond antiquated paradigms and the discipline to commit to long-term thinking. In the end, the 13MP represents a new understanding of development. It is not about managing scarcity or distributing subsidies, but about unlocking potential, building strategic capacity and preparing for a future that will not wait. If we approach the implementation of the 13MP with the same earnestness and clarity with which it was conceived, Malaysia can do more than weather the global storm. We can reclaim our agency, shape our regional future and advance a model of shared prosperity rooted in resilience, inclusion and innovation. A tall order, no doubt, but by no means unattainable
The Star
an hour ago
- The Star
Bags, bins and beyond: Recycling while you shop
IT'S early Saturday morning and already there are a few people trickling into the empty carpark. Lugging bags brimming with empty water bottles and paper cartons, they are in the basement carpark of one of the largest shopping malls in the Klang Valley to use the recycling facility there, and to garner points which they can then exchange for vouchers. Almost everything recyclable is accepted here – aluminium, drink cartons, polystyrene containers, clothes, metal, cardboard, paper, and plastic. The facility also collects e-waste such as batteries and electronic gadgets, and even medicine – although, sadly, the last will not generate any points. Asked why they choose to drive here to recycle their waste, the usual answer is, 'Because it's convenient'. It's shopping malls like this that the Housing and Local Government Ministry is hoping others in the retail industry will emulate in the drive to get more Malaysians to recycle. On July 22, Minister Nga Kor Ming told the Dewan Rakyat that malls nationwide will have to provide recycling facilities on their premises to obtain business licences beginning from next year. This, he said, is part of the ongoing initiative to ensure a cleaner Malaysia following success in restricting the use of single use plastic bags last year. 'But there is room for improvement and as such the National Circular Economy Council has decided that beginning Jan 1 next year, all shopping malls must be equipped with recycling facilities. 'They must provide such facilities which will become a condition for their business licence. 'Shopping malls that do not have such facilities will not be given business licences by the local councils,' he said when wrapping up debate on the Street, Drainage, and Building (Amendment) Bill 2025. By itself, such a proposal makes sense because research published in the Journal of Environmental Psychology suggests that people are 46% more likely to recycle when bins are conveniently placed and colour-coded to clearly indicate different waste types. And with Malaysians' obvious love for shopping – we spent the most on shopping when travelling within the country last year, according to the Statistics Department – what better place or how more convenient can it get than to have recycling facilities in malls? That, along with simplifying the recycling process and providing clear guidance, has been touted by environmentalists as the gold standard in promoting and increasing the habit. It's increasingly important that we recycle more. While Malaysia's national recycling rate increased from 35.38% in 2023 to 37.9% last year, we are still generating waste faster than we recycle. At this rate, 21 landfills managed by waste management company SWCorp are set to hit full capacity between this year and 2041. A shopaholic's paradise A recycling spot at the Sunway Pyramid mall. Sunway Malls CEO Chan maintains that space must be considered when requiring such facilities to be made available because waste segregation requires a properly controlled environment and suitable space to prevent contamination and pest infestation. — KAMARUL ARIFFIN/The Star According to the Malaysia Shopping Malls Association, as of the end of last year, the country had an estimated 490 shopping malls. When stand-alone hypermarkets, supermarkets, and market or bazaar centres are included, this number rises to 733. Of these, smaller premises measuring roughly below 4.5ha made up 81.5%. While the malls are pretty evenly distributed across Malaysia, they are concentrated around the peninsula's central region and in the Klang Valley. Malls in Malaysia aren't just shopping destinations – they have cinemas and arcades, food courts, spas, and even an ice skating rink or two. And they are big generators of waste (see graphic). One study undertaken by Singapore's National Environment Agency calculated that the total waste generation in malls with a net lettable area of more than 4,600sq m was 47kg per square metre in 2018. Operators of large shopping malls in the republic, by the way, have been tracking and submitting waste data and waste reduction plans to the agency since 2014. Phang: We would actually like to collaborate with the authorities to work out incentives for wider compliance among our mall members. The Malaysia Shopping Malls Association, declares president Phang Sau Lian, fully supports having recycling facilities on members' premises but feels that it should be voluntary to start with. It is also urging the Housing and Local Government Ministry to give its members a longer grace period for compliance if such facilities are deemed mandatory. 'We would actually like to collaborate with the authorities to work out incentives for wider compliance among our mall members. 'We have already written to the ministry for more guidelines and are awaiting their response,' she replies in an e-mail to questions from The Star. Many of the association's members, Phang points out, already have recycling facilities on their premises but the association 'hopes that it will be more widely undertaken', adding that the practice is part of the association's waste management strategy to promote a greener environment. However, she argues that the success of the endeavour requires concerted efforts from all stakeholders – landlords, tenants, consumers, communities, and local governments. 'Support from the authorities through clear guidelines; proper supporting facilities and infrastructure; collaboration among tenants, suppliers, and community leaders in awareness campaigns; and continuous advocacy is essential. 'It is important to have joint efforts among all stakeholders in raising awareness and driving advocacy together to achieve a meaningful impact. 'We look forward to new recycling guidelines to be implemented by the ministry, but would appreciate greater clarity to ensure smooth implementation and to avoid unnecessary penalties to businesses,' she says. How would it work in practice? Chan: What is important is that clear guidance on scope and guidelines are defined well for all the malls in the industry. Sunway Malls chief executive officer HC Chan agrees, pointing out that the ministry's intention is certainly noble and timely in light of the worsening effects of climate change and the need to reduce waste going to polluting landfills. 'While the intention is clear, what is important is that clear guidance on scope and guidelines are defined well for all the malls in the industry. 'This is important to ensure better clarity among stakeholders. In addition, the scope can and should be flexible as recycling effectiveness varies significantly based on the mall's management policy, operator maturity, and tenant mix,' he states. It will be good for the government, adds Chan, to also consider incentivising green practices as an inducement for greater adoption. Such an approach would then not be dependent solely on penalties as a change-inducing tool, he remarks. Sunway, says Chan, has always been a strong advocate of sustainability, with many sustainable practices embedded in its vision, strategy, and operations. Its malls were among the first to have recycling facilities on their premises 'It is important that we demonstrate a tangible commitment to our ESG,' he adds, referring to environmental, social and governance principles. Chan explains that larger, more well- established malls would already have some form of recycling facilities on their premises while those without would have appointed vendors to segregate their waste, with some extending their recycling initiatives to the community to maximise volume by adding the collection of fabric, e-waste, and plastic bottles. This is because waste segregation often requires a properly controlled environment and suitable space to prevent contamination and pest infestation. 'While the approaches differ, the objective remains essentially the same – to recycle and cut down on waste,' Chan says. Asked if having recycling facilities at malls would encourage shoppers to sort and turn in their waste, he says the biggest contributors to recycling waste remain mall tenants. In Sunway Malls alone, they divert 120 tonnes of waste from the landfill every month. 'Recycling facilities, and campaigns or initiatives are just one component out of many in waste reduction. 'We found in our earlier studies that educating retailers remains key to successful ESG initiatives. 'Without knowledge, there is no application even with the best of facilities provided,' says Chan. Two years ago, Sunway Malls launched a Sustainability Collaboration Alliance Network, a five-way partnership, which includes the Malaysia Retail Association and the Malaysia Retail Chain Associat- ion, and is aimed at transforming the retail industry to become more sustainable. Does size matter? Staff working the 'food digester' at the recycling centre in a Sunway mall to help F&B tenants with the large amount of food waste they generate. The machine will give the waste new life as compost, which is then packed and left for the public to pick up – for free – at designated spots. — Sunway Malls Asked if the ministry's proposal should be implemented in malls of all sizes, Chan replies that he thinks it is best to carry out a proper waste audit first to identify the needs of each establishment instead of imposing a blanket implementation for all. 'We wish to reiterate that the recycling facility initiative needs to be flexible and robust whether it is applied onsite or offsite. The focus should be on the end result rather than the means,' he says. Based on Sunway Malls' experience, Chan says either a basic recycling facility or outsourced vendor should be sufficient for mid-sized malls whereas a smaller sized mall may only require responsible and committed waste vendors. Larger-sized malls, on the other hand, may require additional segregation efforts such as food waste management and water management. 'In Sunway Malls' context, malls above one million square feet in net lettable area, such as Sunway Pyramid and Sunway Carnival, have the capacity to include a recycling facility on their premises, whereas those under one million square feet practise recyclables collection and appoint waste vendors to sort and recycle the collection with proper documentation and data in place,' Chan says. 'On top of recycling efforts, both Sunway Pyramid and Sunway Velocity also have a food digester on their premises as both malls have identified food waste as a major waste contributor,' he adds. The food digester turns food waste into soil, which is then used for landscaping and given to the public for free. In Phang's opinion, the requirement for recycling facilities should be implemented across malls of all sizes. 'It should be for all malls as recycling is a community initiative and all malls serve their own communities and beyond,' she says. Phang says today, malls are no longer just places for shopping – they are experiential spaces that serve multiple functions, from shopping and dining to leisure spaces, education, and community interaction. Having recycling facilities in malls will certainly increase awareness, Phang points out, adding that she hopes the authorities can organise road shows in malls to encourage shoppers not only to recycle but also upcycle. 'With their reach and influence, malls can play an important role in educating the public on recycling and sustainability, complementing efforts made in schools and academic institutions. 'Hence, instead of imposing penalties, the ministry should consider incentivising recycling efforts to encourage greater participation, especially from smaller malls or strata malls for long-term success for everyone.'
Daily Express
an hour ago
- Daily Express
13MP: Nothing for Labuan folks
Published on: Wednesday, August 06, 2025 Published on: Wed, Aug 06, 2025 By: Sohan Das Text Size: 'It's unfortunate that Labuan has not been included in this radar though the island was in need of such focus to regain its past glory of regional shopping destination though Labuan now depended much on tourism now since the oil and gas sector as well as the financial services was delivering much impact,' said Dahlif. LABUAN: Labuan Indian Chamber of Commerce and Industry Chairman Datuk Dahlif Singh described the 13th Malaysia Plan (13MP) as a 'super' cake offering something for every Malaysian state and territory but without anything special for Labuan. He supported this observation based on items revealed in the 13th MP. Advertisement He said under 13 MP focus was given to the development of Special Tourism Investment Zones (STIZ) in Johore, Melaka, Negeri Sembilan and Sarawak for the creation on new tourism products to further tap the industry's potential. 'It's unfortunate that Labuan has not been included in this radar though the island was in need of such focus to regain its past glory of regional shopping destination though Labuan now depended much on tourism now since the oil and gas sector as well as the financial services was delivering much impact,' said Dahlif. Subscribe or LOG IN to access this article. Support Independant Journalism Subscribe to Daily Express Malaysia Access to DE E-Paper Access to DE E-Paper Exclusive News Exclusive News Invites to special events Invites to special events Giveaways & Rewards 1-Year Most Popular (Income Tax Deductible) Explore Plans Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
