BNM urges urgent social protection reform

Bank Negara Malaysia needs to urgently reform its social protection system to safeguard the people’s future against financial hardship. – The Malaysian Insight file pic, March 30, 2022.

MALAYSIA should urgently reform its social protection system to ensure the people would not face serious financial hardship in the future, Bank Negara Malaysia (BNM) governor Nor Shamsiah Mohd Yunus said.

She call for urgent policy changes after the recent Employees Provident Fund (EPF) data showed that around 6.1 million of the fund’s contributors have less than RM10,000 retirement savings in their accounts.

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