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EPF Flashcards | StudBud

EPF

5 terms·StudBud Administration·4 plays

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Questions 5

Answers

1
Why did Malaysia drop to 32nd in global retirement readiness?
Increased life expectancy with insufficient savings
High savings interest rates
Strong financial literacy among the elderly
Too many retirees are investing in property
2
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
3
What was a key impact of COVID-19 on EPF savings?
Members withdrew savings, reducing their retirement funds
EPF interest rates increased sharply
The EPF restricted all withdrawals
More people retired early
4
Who is typically excluded from Malaysia’s EPF system?
Government pensioners
Civil servants under KWSP
Self-employed and gig workers
Private sector employees
5
What is the purpose of EPF Account II?
Strictly for retirement use only
For travel and luxury spending
To pay company debts
For short-term needs like housing and education