PETALING JAYA: In 2010, Malaysia spent RM11.5bil in civil service pensions. This year, the figure is set to hit RM32.45bil, a 182% increase that highlights how the country’s pension bill has grown.
With pensions ballooning, the government recently announced that it was considering a proposal to abolish pensions for new hires in favour of increased contributions to retirement schemes such as the Employees Provident Fund (EPF) and the Social Security Organisation (Socso).
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