In Malaysia, people who turn 60 years old are expected to retire. This is a bit earlier compared to some other countries. If you want to get pension benefits in Malaysia, you need to retire when you turn 60. But, if you want to work longer, you can.
There are some exceptions to this age rule. You can discuss these with your employer. The pension payments will start on 27 February 2024.
Contents
2024 Pension Payment Dates in Malaysia
The pension scheme in Malaysia depends on how much you contribute. Here’s how it works:
Age Group |
Contribution Rate |
|---|---|
Around 60 years old |
11% |
Between 60 and 75 years |
5.5% |
Below 55 years |
70% for retirement funding, 30% for monthly expenditure |
Nobody can force you to retire early or late. Once you reach the standard retirement age, you can decide what you want to do. Some people choose to keep working after they turn 60, especially if they have a family to support or debts to pay off.
How Much Pension Will You Get in 2024?
If you’re a permanent resident of Malaysia, you might be eligible for a pension. This applies if you’re a survivor or if you’re living with a legal partner. But, you must have made contributions while you were working.
You’ll get 60% of the last salary you earned. The interest rate is 2.5% for all employees. The minimum pension payment is RM240,000. You can choose to get your pension payments every month or once a year.
To get your pension, you need to show:
- Your ID card
- Details about your job
- Your salary slips
- Proof of where you live
- Your birth certificate
- Proof of your income
The Public Pension Scheme started under the Employees Provident Fund Act 1991. You’ll get a pension based on a total contribution of 23%. You can get this amount every month or once a year.
How to Plan 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. You can get the Employees’ Provident Fund if you work in the private sector. This is based on your contribution of 12% and your employer’s contribution of 3.67%.
Try to save more money every month. The government provides credits that can help cover your costs. To save money, try cooking at home more often. You can also buy essentials at a cheaper price.
When Will You Get Your Pension in 2024?
The government has set specific times for pension payments. These times can change based on the rules of the authorities. Your pension will be paid based on when you retire. Here are the dates for 2024:
- 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
These are the expected dates for pension payments. If you don’t get your payment, don’t worry. Don’t rush and give your sensitive information to any unofficial websites. Always check the main portal for the latest updates. The officials are there to help you with any questions you have.
Click the link to know more.
Abhilash, an exam specialist with a passion for education, writes comprehensive articles on exam results and admit cards. His expertise ensures students receive reliable information and useful tips to excel in their exams.