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QUIZ ADM653 Flashcards | StudBud

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QUIZ ADM653

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Questions 5

Answers

1
Who is typically excluded from Malaysia’s EPF system?
Civil servants under KWSP
Private sector employees
Self-employed and gig workers
Government pensioners
2
What is the purpose of EPF Account II?
To pay company debts
For travel and luxury spending
For short-term needs like housing and education
Strictly for retirement use only
3
Why did Malaysia drop to 32nd in global retirement readiness?
Increased life expectancy with insufficient savings
Too many retirees are investing in property
Strong financial literacy among the elderly
High savings interest rates
4
Which is an advantage of the EPF system?
Offers tax efficiency for contributors
Requires no employer contributions
Guarantees lifetime pension
Provides free healthcare to retirees
5
What was a key impact of COVID-19 on EPF savings?
More people retired early
The EPF restricted all withdrawals
Members withdrew savings, reducing their retirement funds
EPF interest rates increased sharply