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Malaysian Workers Unable to Retire, Having Been Urged to Cash in Pensions to Survive Lockdown

by Sallust
18 February 2024 9:00 AM

If there’s one thing we ought all to have learned by now, it’s that few governments around the world gave a thought for the long-term when it came to Covid. In the United Kingdom, the reckoning has arrived in the shape of a massive tax bill which seems to have no end in sight. In Malaysia, the economy is in dire straits after the government advised its citizens to cash in their pensions to survive having to stay at home during the pandemic. It’s left the nation with a looming catastrophe. The Telegraph has the story:

With no furlough scheme and limited help from the government, [Malaysians] were forced to dig into their savings to survive. Many raided their pension pots after the rules were made more flexible to allow people of any age to withdraw money to survive lockdowns.

They took out billions of pounds, using their pension as a cash machine. Now, Malaysians teeter on the brink of disaster. Many have exhausted their retirement savings and now face living out old age in poverty.

It seems the Resolution Foundation think tank believes this was such a spiffing idea, it should be introduced in the U.K. Here’s the Telegraph’s summary of how the Malaysian system works:

Workers put in 11% of their salary and employers more than match it, making defined contributions of at least 12%. It is also considerably more flexible than those of many higher income countries.

The ‘two pot’ system has a second account, worth just under a third of the total, which can be used to buy a house or pay for education and medical expenses. The rest is locked away until it can be drawn down at age 55.

During the pandemic, millions of Malaysians were permitted to make four rounds of cash withdrawals from their pensions, totalling RM145 billion (£24 billion).

But urging Malaysians to cash in their pensions hasn’t turned out well:

With each round of pension raids the public demanded more, amid limited direct government support.

Now, millions face being unable to afford to retire.

Geoffrey Williams, an economist at the Malaysian Institute for Economic Research warns:

In the UK, it would likely lead to millions having inadequate savings and becoming reliant on the state pension and benefits with obvious implications for government spending, borrowing and higher taxes.

The Malaysians don’t even have the cushion of the state pension. And in the U.K. there’s talk that the pensionable age will have to rise to 71, and even then that it’s so costly the nation faces destitution if it carries on paying state pensions at the current level. Square that with the Resolution Foundation’s recommendations – if you can. The answer is simple. You can borrow from yourself. The Telegraph again:

The think tank’s report calls for savers to be able to have a “borrowable” fund in their pensions, of £15,000 or 20% of their pot, whichever is lower, to be paid back across with interest over a period of several years. It would essentially give every worker a ‘rainy day’ fund to fall back on.

You’re on your own then. Good luck.

Tags: LockdownMalaysiaPensions

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7 Comments
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FerdIII
FerdIII
1 year ago

These idiots are fast approaching my debanking/defunding list. We are members, but I am sick of their morbid stupidity, endless simpleton wokisms, racisms, and climate bollocks. Just take care of the god damn buildings and heritage sites and shut the hell up. Or watch your membership dwindle.

179
0
wokeman
wokeman
1 year ago
Reply to  FerdIII

Ferd I’m amazed you haven’t left yet. The NT has always frozen their property in aspic, a form of living death.

58
0
Steve-Devon
Steve-Devon
1 year ago
Reply to  wokeman

The problem is, whether or not I remain a member, The National Trust does own large swathes of coastline in the South West and it is this National Trust coastline that keeps us a members, otherwise I think I would leave.

14
0
Jonny S.
Jonny S.
1 year ago
Reply to  FerdIII

I did not renew my membership after purchasing one of their leaflets describing walks around Hawkshead in the lake district.
In the leaflet they described Vikings as Scandinavian refugees.That was the last straw for me.Even the kids asked what on earth are they on about?

81
0
RW
RW
1 year ago
Reply to  Jonny S.

Presumably, that’s because they believe the refugees of today are repeating what the Vikings did in the past.

:->

32
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varmint
varmint
1 year ago
Reply to  RW

Yep———-Ironically the Swedes today are now paying for their multicultural dogma as 20 times more sexual crimes are committed by the latter day rapists than by indigenous Swedes. —-But so determined are they that this isn’t true that they make it a crime to talk about it.

5
0
varmint
varmint
1 year ago
Reply to  Jonny S.

Yes I believe the Vikings were put up in castles at taxpayers expense, and I had always thought they were rapists and pillagers. Sorry I now admit I was wrong and that we should pay money for past injustices to all red haired people.

groucho_2363267k
5
0
Smudger
Smudger
1 year ago
Reply to  FerdIII

The NT has set its course and there is no rowing back for them now despite your displeasure or any number of members displeasure. There is no way that their proscribed agenda will be allowed to be perceived by the public to have been overturned by a members revolt. Money will be found either from lottery, government or billionaire funding sources to ensure that a popular revolt of this kind fails – God forbid, the people may apply the same democratic principle to all manner of things.

Last edited 1 year ago by Smudger
3
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huxleypiggles
huxleypiggles
1 year ago

“Patrick Begg, outdoors and natural resources director at the trust”

Who the F. thinks these job titles up? Doubtless another waster on a couple of hundred grand a year. He belongs in the bottom block. A complete Next Tuesday.

92
0
wokeman
wokeman
1 year ago
Reply to  huxleypiggles

Probably a relation of the useless lefty economist David Begg. He was one of the crazies desperate to bounce UK in to the euro. Essentially a useful idiot. Once yr in the woke aristocracy these sinecures become rather easier to obtain.

Last edited 1 year ago by wokeman
44
0
huxleypiggles
huxleypiggles
1 year ago
Reply to  wokeman

Thanks 👍

4
-1
AethelredTheReadier
AethelredTheReadier
1 year ago
Reply to  huxleypiggles

I think there should be a competition for the most ridiculous job titles in the wake of the climate alarm, HP.

34
0
huxleypiggles
huxleypiggles
1 year ago
Reply to  AethelredTheReadier

You are right Aethelred.

9
-1
soundofreason
soundofreason
1 year ago

Former member of NT here. The main threat to ‘their’ properties is haemorrhaging support. They keep telling us about the slave-owning history of the builders and owners of the houses – so why don’t they burn them down to demonstrate their contempt more fully?

98
0
lymeswold
lymeswold
1 year ago

A Minister for Management of Civilisational Decline would be more useful.

70
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soundofreason
soundofreason
1 year ago
Reply to  lymeswold

Congratulations Minister. Yours is the only department to achieve its targets.

44
0
AethelredTheReadier
AethelredTheReadier
1 year ago
Reply to  lymeswold

The Ministry for Silly Talks?

25
0
RW
RW
1 year ago
Reply to  lymeswold

I suggest a Minister for Deaeration of Woke Windbags.

Last edited 1 year ago by RW
18
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Marque1
Marque1
1 year ago
Reply to  RW

Thanks for then new word.

5
0
For a fist full of roubles
For a fist full of roubles
1 year ago

Maybe the droughts and wildfires will be offset by the floods. It just needs a longer term perspective than most marketing plans.
Make no mistake, this is marketing and not true concern for environments that have suffered all these “hazards” in past years.

27
0
AethelredTheReadier
AethelredTheReadier
1 year ago

Not yet another bloody government department about the climate alarm. We need that new Argentinian prez Javier Milei to do one of his – “Ministry of Climate Adaptation? OUT!” actions. Honestly, the NT are losing it…drought, heavy rain, wildfires? But not today or tomorrow but by 2060! For god’s sake, just get a deckchair and some wellies.

39
0
huxleypiggles
huxleypiggles
1 year ago
Reply to  AethelredTheReadier

Why the hell are we worrying about 2060. The so-called Tory dupes have caused enough damage to this country these past fourteen years. It’s 2023, can we pay attention to NOW?

Apparently the planet might be a couple of degrees warmer by 2100. Well if anybody is still on this planet in 2100 lucky them, personally I would appreciate those two degrees NOW.

And I won’t be here in 2060 so actually I CGAF about effing global boiling, flooding, freezing or whatever other nonsense they come up with.

Today’s problems need today’s solutions. Tomorrow can look after itself.

30
0
huxleypiggles
huxleypiggles
1 year ago
Reply to  huxleypiggles

https://documents.nationaltrust.org.uk/story/annual-report-2023/page/2/1

I haven’t had a good look yet but I am sure this will be interesting 🤔

1
0
RW
RW
1 year ago
Reply to  huxleypiggles

Today’s problems need today’s solutions. Tomorrow can look after itself.

Tomorrow is something the people of tomorrow will have to deal with tomorrow. People who claim they are solving the problems of tomorrow by creating problems today just want to distract from the latter. They don’t know anything about the real problems of tomorrow and the people of tomorrow obviously haven’t appointed them as their representatives. Conveniently, they just cannot yet object to what’s supposedly being done in their name.

Last edited 1 year ago by RW
22
0
huxleypiggles
huxleypiggles
1 year ago
Reply to  RW

Excellent 👍

5
0
JohnK
JohnK
1 year ago

It’s a shame that they appear to be jumping onto the bandwagon using “climate change” in lieu of normal extreme weather events and the need to maintain various structures, both old and new. I am actually a member of it. The original reason why I joined was doing the sums for parking at a number of their sites. In effect, paying up front, but less than non-members have to pay given the number of times I go to them.

14
0
wokeman
wokeman
1 year ago
Reply to  JohnK

I’ve often parked without paying. Don’t think their fines are enforcible anyway. I feel eternal shame that I belonged to this organisation for a couple of decades. I should be flayed like Henry the second was in Canterbury cathedral and be forced to sleep on the floor with no blanket.

Last edited 1 year ago by wokeman
24
0
psychedelia smith
psychedelia smith
1 year ago

..and lo the grift continues unabated.

The-Climate-Emergency-Simplified
Last edited 1 year ago by psychedelia smith
29
0
JASA
JASA
1 year ago

….”“the single biggest threat” to the charity’s mission”, is your organisation’s woke-ism, Mr Begg.

I used to be a member. I looked at moving my subscription to the RSPB, but they’re almost as bad.

30
0
wokeman
wokeman
1 year ago
Reply to  JASA

Do not support any of them.

19
0
JASA
JASA
1 year ago
Reply to  wokeman

I don’t. I want to support the wildlife, our heritage etc., but unfortunately, no organisation can be trusted it seems.

14
0
RW
RW
1 year ago

The charity […] said approximately 71% of the places it looks after could be at medium or high risk of climate hazards by 2060.

Attempt to translate this into English: Hazard means risk. Hence, the last bit is

climate risks in 37 years.

Combining this with the bit in front of it yields

above-average risk of climate risks in 37 years.

Then, we have the could, a subjunctive, ie, another risk. We’re now at

there’s a risk of above average risk of climate risks in 37 years

Filling in the last bit now gives the complete sentence:

Modelling has shown that there will be a risk of above average risk of climate risks for about 3/4 of the places the National Trust is currently administrating in 37 years.

What’s that’s supposed to mean – beyond No climate-related damage expected until at least 2060 – is anybody’s guess. Presumably, the point is to repeat risk combined with climate as often as possible to convey the impression of a serious danger. Someone demanding anything based on a statement like this should be unceremoniously shown door and told not to come back until he has at least managed to make up his mind about what he’s actually afraid of.

Last edited 1 year ago by RW
27
0
EppingBlogger
EppingBlogger
1 year ago

So far the evidence is the greatest danger to the fabric of the buildiungs and their contents arises from the incompetence of the NT which allows them to burn to the ground.

11
0
Grim Ace
Grim Ace
1 year ago

Interesting that they demand a minister for climate adaptation. In some ways I agreenm with adapting to changes in our environment. Stop wasting huge resources on trying to change the temperature, which is impossible but, as required, adapt to changes – which is what humans have always done. Is the National Trust finally bending to the obvious?

Last edited 1 year ago by Grim Ace
4
0
Peter W
Peter W
1 year ago

We need to “tackle” Climate change…..so give us some more money.

3
0
SimCS
SimCS
1 year ago

It’s hilarious how they use “adaptation” and not ‘mitigation’, as these clowns think we can control the weather.

2
0
JohnnyDollar
JohnnyDollar
1 year ago

Translation: Systems going well…. Send more money.

3
0
varmint
varmint
1 year ago

Where does this National trust gets its information from? ——-Do they ever question any of it? ——-Very unlikely. Rent seekers question nothing. After all if you need money for something, being alarmist about climate is a great way to get it. If you are a coral island in the pacific what better to get big sums of money from the eco socialist western world than claim you are going to vanish beneath the waves. If you are animal rights activists who think we should all eat vegetables and locusts, what better way to stop people killing animals for food than to claim the animals destroy the climate. If you build turbines or smart meters, what better way to farm all the subsidy than claim your products save the planet. etc etc etc………”Climate Change” —–The gift that keeps on giving. But the gifts are all paid for by us.——– And it is costing trillions.

Last edited 1 year ago by varmint
4
0

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