COMMENT | You can’t magically provide for most contributors to the Employees Provident Fund (EPF) by merely moving to an instalment plan on the grounds that it takes care of their own foolhardiness.

My analysis of EPF figures shows that over 80 percent of EPF savings are in the hands of 20 percent of savers, while there is a huge disparity in savings, which shows that wages are way too low for most to sustain a decent income in old age by whatever means.

The truth is that most EPF contributors don’t have enough in their kitty to provide a meaningful monthly return on their lump sum amount at the age of 54 from their principal. The only way that can change is for their income to increase by three to five times.