NOW comes the million-ringgit question splitting uncles at mamaks and aunties on Facebook like a nasi lemak sambal war: Should Malaysians get their EPF as a monthly allowance – like school pocket money – or in one glorious lump sum, jackpot-style?
But here is the latest plot twist: Deputy Finance Minister Lim Hui Ying says the proposed monthly pension-style withdrawals won’t touch current members’ existing rights. It will only apply to newbies signing up after the mechanism kicks in. Current members can keep things as they are or voluntarily hop over to the new plan if they fancy.
The idea, she says, is to make savings last longer in retirement, especially as Malaysians are living longer, which sounds noble, on paper until you realise it still raises the same old debate: Who gets to decide what is “long enough” for your own money?
First thing is first: It is our money-lah!
Dear policymakers and financial gatekeepers, we are not asking for a handout nor are we asking you to fund our Shopee carts or reload our Touch ‘n Go. We are talking about money siphoned from our salaries every month, rain or shine, boss nice or a nightmare. That money has been quietly marinating in the investment pot for decades. And now you are saying some future contributors will not get to decide how they take it?
“But Malaysians aren’t financially literate.”
Oh, that tired tune again – off-key and overplayed – always being sung by those who have never had to stretch RM50 over a week but somehow think they are the money whisperers.
Just because we do not speak in terms like “hedge fund” or “capital gain” does not mean we do not know money. We have been running households, paying bills, feeding families and still saving for kenduri, without Excel or a financial planner on speed dial.
We don’t say “budgeting”, we say “jangan gatal beli benda tak perlu”. We don’t say “emergency fund”, we say “duit tepi – jangan sentuh unless rumah terbakar”.
That is also financial wisdom; it does not come with pie charts. If financial literacy is the issue – fix it, don’t babysit us.
Sure, some will blow it on a motorbike, two massage chairs and a Langkawi holiday before the month ends. But can we not paint everyone with the same brush?
Instead, make retirement-planning courses compulsory. Get banks to run free sessions and equip people with the know-how. Please, don’t clutch our pearls and cry “they’ll waste it” while leaving us to fend for ourselves – that is like handing someone a live chicken and then shrieking when they don’t magically turn it into rendang.
So, the heavens open, angels sing and boom! Your EPF lump sum lands in your account. You are officially a walking, talking gold mine (minus the helmet and drill). But before you start visualising that home theatre with 12 speakers and a built-in karaoke system, here is a friendly public service announcement from Makcik, who is financially fed-up. Because yes, the money is yours but the consequences don’t come with a refund policy.
#1: Don’t marry a stranger with bad WiFi and good abs
He slid into your inbox with “Hi baby” and three fire emojis. Two weeks later, he is calling you “sayang” and whispering sweet nothings about Bitcoin. Next thing you know, your EPF’s gone, he is gone and you are penniless, except for a blurry profile picture and a burning hatred for the word “crypto”.
Love is beautiful. Google reverse image search is better.
#2: Don’t start a business you saw on TikTok at 2am
“Open cat cafe in Taiping”, “Sell bubble tea from your porch” or “Import essential oils from Korea via your cousin’s friend’s uncle”. All great in theory but before you turn your retirement fund into a startup fund, do the basics – business plan, budget and actual demand.
Your niece saying “OMG this will go viral” is not an investor pitch.
#3: Don’t become everyone’s ATM
Once people smell your lump sum, cousins you have not seen since 1997 will crawl out of the shadows like sambal belacan ghosts.
“Ada investment-cepat kaya. You masuk RM20k, next month boleh beli Alphard.”
Kindness is good but boundaries are better. You did not work for 40 years just to become a walking Tabung Haji counter.
#4: Don’t buy a fancy car unless you plan to sleep in it
Yes, you deserve nice things but think twice before you blow RM180k to impress neighbours who don’t even wave during Hari Raya. That car loses value the minute you rev it. Petrol is expensive and maintenance costs more than your blood pressure meds. In three years, it is worth less than your mother-in-law’s old kuali, but your EPF? Still gone.
#5: Don’t forget, you will still age, need money and have teeth to fix
Retirement is not a two-year holiday; it is the last 20 to 30 years of your life. Inflation’s a beast. By 2035, don’t be shocked if nasi lemak hits RM12, without egg.
Set some money aside or risk your children giving you “the talk”: “Ma, maybe we will put you in a nice home with other aunties.”
What you can do instead
Pay off debts, especially the high-interest kind.
Invest wisely – unit trusts, PRS, ASB. Ask a licensed advisor (not your WhatsApp group).
Fix your home’s leaks and wiring before they become hazards.
Travel if you have earned it but pack ointment and back support.
Learn something new – yes, even at 60.
Help family responsibly. Don’t light yourself on fire to keep others warm.
Final word from Makcik with the math
Money does not buy happiness, true. But it buys freedom and dignity, and air-con in this panas gila weather. Your EPF is not a bonus windfall; it is your lifeline for the you of tomorrow.
So, should you get it as a lump sum? Sure. But once you do, jangan buat perangai.
Respect the sweat behind that money or risk starring in a viral Facebook video: “Warga emas jual tisu, dulunya jutawan EPF.”
Budget smart, spend sassily and if anyone invites you to a gold investment WhatsApp group – RUN!
Azura Abas is the associate editor of theSun. Comments: letters@thesundaily.com