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Al Jazeera
Al Jazeera
Business
Ushar Daniele

Malaysians face poverty after retirement as pension crisis looms

EPF Malaysia Pandemic Anwar Ibrahim Al Jazeera Poverty
Malaysia's pension fund saw $33bn in emergency withdrawals during the COVID-19 pandemic [File: Lim Huey Teng/Reuters]

Kuala Lumpur, Malaysia – Roob Ganesan, the owner of a small factory near Kuala Lumpur, felt he had no choice but to dip into his retirement savings during the COVID-19 pandemic.

When the Malaysian government announced a lockdown to control COVID in early 2020, Roob’s factory, which produces fishing lures, began haemorrhaging money.

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