EPF contributions from employees and employers come close to RM$5bil per month. That is no small sum. Penang Monthly explores where this money goes.Most of the 1.4 million civil servants in Malaysia can expect a monthly pension, which is called a defined benefit. Those in the private sector, on the other hand, are entitled to a defined contribution in the form of a lump sum of savings from a pension fund.There are three pension funds representing the wage-earning labour force in Malaysia: the...
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