EPF: Retirees need RM2,690 monthly for reasonable standard of living

THE Employees Provident Fund' Belanjawanku 2024/2025 has revealed that a single elderly person requires about RM2,690 monthly to maintain a reasonable standard of living post-retirement, reported Business Times.

The updated guide is aimed at offering Malaysians a comprehensive monthly expenditure guide.

Since 2019, the EPF and the Social Wellbeing Research Centre (SWRC) at the University of Malaya have developed the Belanjawanku Guide to estimate the minimum monthly expenses needed for a decent living standard.

Initially focused on the Klang Valley, the guide now covers 11 other major cities in Malaysia and is updated yearly to reflect current living costs.

It serves as a practical tool for households and a valuable reference for policymakers.

The Belanjawanku Guide has also guided the review of EPF's Basic Savings amount and supported the development of the new Retirement Income Adequacy (RIA) framework, which builds on the basic savings framework introduced in 2008.

To remain relevant to rising costs, the RIA savings levels will be reviewed every three years, starting in 2029, using updated data from the Belanjawanku findings. - December 12, 2024