In Malaysia, people who reach the age of 60 have to retire, as per Section 4(1). This retirement age is quite low compared to other countries. But, if someone wants to work even after turning 60, they can do so. There are some exceptions to this age rule, which can be discussed with the employer. The pension payments will start on 27 February 2024.
Contents
Changed ! Pension Payment Dates in Malaysia 2024
The pension scheme depends on how much you contribute. For instance:
- People around 60 years old contribute 11%.
- Those between 60 and 75 years contribute 5.5%.
- Those under 55 have to contribute 70% towards their retirement fund, and they can use the remaining 30% for their monthly expenses.
Nobody can be forced to retire early or late. After reaching the standard retirement age, employees can decide for themselves. Especially those who have a family to support or debts to pay off often choose to work even after turning 60.
How Much Pension Will You Get in 2024?
If you’re a permanent resident of the country, or if you’re living with a legal partner, you’re eligible to receive the pension amount, provided you’ve made equivalent contributions during your employment.
You’ll receive 60% of your last salary. The interest rate is 2.5% for all employees. The minimum pension payment you’ll receive is RM240,000. You can choose to receive the payments monthly or yearly.
To claim the payment, you need to submit several documents to the officers, including your identity card, employment details, salary slips, proof of residency, birth certificate, and proof of income.
The Public Pension Scheme was initiated under the Employees Provident Fund Act 1991. The total contribution at which citizens receive the pension is 23%. This amount can be received monthly or yearly.
How to Prepare for Retirement in Malaysia?
Planning for retirement can be fun. You get to decide what to do with your money. You can invest in EPF, PRS, and EPF-i. If you’re a private sector employee, you can get the Employees’ Provident Fund per government regulations. The payment will be made based on your 12% contribution and your employer’s 3.67% contribution.
Review your account and plan to save more every month. The government provides credits that can be used to offset overall costs. To save money, try cooking at home more often. You can also buy essentials at a reasonable price.
When Will You Get Your Pension in 2024?
The government has set a schedule for pension payments. Any changes to this schedule will be made according to the specific provisions of the concerned authorities. The payment will be made based on whether you retire late or early.
Here are the expected dates for the pension payments:
| Date |
|---|
| 27 Feb 2024 |
| 26 March 2024 |
| 26 April 2024 |
| 29 May 2024 |
| 28 Aug 2024 |
| 25 Sept 2024 |
| 29 Oct 2024 |
| 27 Nov 2024 |
| 27 Dec 2024 |
If you don’t receive your payment, don’t panic. Don’t rush to enter your sensitive information on any unofficial website. Always check the main portal for the latest updates. The officials are there to listen to your concerns and provide effective solutions.
Click the link to know more.
Mahesh Sen, a seasoned student advisor, writes informative articles on educational topics. Mahesh gives valuable insights and practical advice to guide students through their academic challenges and milestones.