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Under the scheme, which takes effect from Tuesday, the number
of accounts will be reduced from three now to two.
<P>Under the scheme, the amount of savings for retirement in the first account will be increased from 60 per cent to 70 per cent.</P>
<P>The rest of the savings (30 per cent) will be put in a second account for withdrawals for housing, education and medical expenses.</P>
<P>At present, withdrawals to pay medical bills are made from a third account which holds 10 per cent of a member’s savings.</P>
<P>MTUC president Syed Shahir Syed Mohamud said it would benefit retirees.</P>
<P>“Life expectancy of Malaysians has increased to 71 years for males and 75 for females. This means an average
male retiree would need enough money for the next 16 years or so after retirement,” he said.</P>
<P>MEF executive director Shamsuddin Bardan said members must realise
the importance of substantial savings to serve all the different purposes.</P>
<P>“Make plans for medical and education benefits early. Take up medical and education insurance, they are not that expensive and it will help you when you need it,” he said.
Address: Wisma MTUC,10-5, Jalan USJ 9/5T, 47620 Subang Jaya,Selangor | Tel: 03-80242953 | Fax: 03-80243225 | Email: sgmtuc@gmail.com.com