What financial needs or benefits do Malaysian employees need?

Employees Provident Fund (EPF), the country's social security system, serves as the primary retirement plan in Malaysia and is a mandatory saving plan for private sector employees.

Due to exceptional circumstances brought on by the global crisis, members could withdraw funds from their accounts in 2021 to cope with urgent needs. As a result, 12.78 million (52%) EPF members under 55 had less than RM 10,000 in savings.

More than 1,000 Malaysian respondents from a wellness report, Employment Hero 2022, revealed that 67% of employees felt anxious about money, 46% would like their employers to pay overtime, and 28% would like health insurance subsidies.

A noteworthy response is that 57% of respondents need guidance on savings, 53% want information on pensions and retirement planning, 43% need advice on investing, and 30% want advice on budgeting.

Learn what employee benefits Hong Kong, Singapore, and the Philippines employees need.