RM390,000 menjelang 2030: Pakar gesa caruman KWSP automatik pekerja gig

Economist Ahmed Razman Abdul Latiff has called for the introduction of automatic and enhanced incentive schemes for gig workers and the informal sector to help achieve the target of 60% of KWSP members reaching a base savings of RM390,000 by 60 years of age by 2030. Currently, only a quarter of current members are on track to reach this target under the government's RIA for KWSP.

Razman believes that RM390,000 should be seen as a floor requirement rather than a post-retirement income guarantee, citing that the monthly outlay for this target is only around RM1,625 according to the RIA model. He also highlighted that healthcare costs, with inflation expected to reach 15% in 2024, pose a significant risk. Razman suggested that a more realistic target of RM650,000 would be more appropriate for a sustainable retirement.

Bank Muamalat Economics Chairperson Mohd Afzanizam Abdul Rashid noted that increased voluntary contributions by members show a positive trend in retirement savings commitment, but factors such as wage growth, high living costs, and the accuracy of flexible income statements could put pressure on the overall savings value in the short term.