LETTERS: According to our prime minister, there was a proposal to abolish the pension system for civil servants when he was finance minister in the 1990s, but it was not implemented.
Civil service pensions, according to reports, have become a heavy burden in Malaysia, costing RM32.4 billion, or 10.5 per cent of the 2024 Budget, and predicted to reach RM46 billion by 2030.
Considering the huge national debt of RM1.5 trillion, it is important that the prime minister realise this proposal as soon as possible. It is a commendable move and the rakyat must support him.
The rakyat shouldn't view the Employees Provident Fund (EPF) as less favourable than the pension system.
As a retiree and an EPF contributor, I am grateful to the EPF, which had motivated me to work hard for 32 years before I retired in 2011.
I had to work hard to secure a better increment as this enabled me to earn more and contribute more to the EPF. Every year when I received my EPF statement, the accumulated savings motivated me to perform better in my career.
This was especially true when my motivation started to wane during my second employment for two years in 1989. As I didn't see much prospects for advancement at that company, I resigned without much delay.
If I was employed under a pension scheme like the one civil servants have, I might not have had the courage to resign. I had eight years of working experience before joining this established company.
The resignation opened up a great opportunity for me in advancing my career speedily and allowed me to keep contributing to the EPF.
Within a couple of years of hopping from one job to another, I finally secured a senior executive post which was not only challenging, but also rewarding. I kept this post for two decades before retiring at age 55.
By that time, I was able to withdraw my EPF savings, which allowed me to properly plan my financial future.
I hope younger civil servants or those who wish to join the public sector can see the positive side of EPF and not be too fixated with the pension issue.
PATRICK TEH
Ipoh, Perak
The views expressed in this article are the author's own and do not necessarily reflect those of the New Straits Times