SPCAAM president J Solomon said Prime Minister Anwar Ibrahim had previously admitted that the four special withdrawals approved during the Covid-19 pandemic resulted in 71% of active EPF contributors not having enough money to retire on and remain above the poverty line.

“EPF is estimating that savers will be required to work an extra four to six years to rebuild the savings that were withdrawn during the pandemic.

“People from the B40 and M40 group will likely have to continue working even after they have reached the retirement age of 60, to take care of themselves and their families,” Solomon said in a statement.

He added that when employees turn 60, they are no longer covered by Socso and their employers’ EPF contribution also drops to 4%.

“Considering the absence of social protection and the reduction in future savings, steps should be taken to ensure that older B40 and M40 workers should at least have a greater amount of disposable income in their hands.

“If our senior citizens cannot fully rely on our country to take care of them, then the least our country should do is enable them to take care of themselves,” he said.

According to Solomon, people in the B40 and M40 categories who have reached 60 have done their part to develop and sustain the nation, and paid their share of income tax.

“In their sunset years, the country should at least allow them to keep their income for themselves, without asking them to continue to contribute,” he said.