2024 Malaysia Pension Schedule: Monthly Payout Dates and Amounts

Discover the Malaysia Pension Payment Dates for 2024: Monthly Payouts and Amounts. Retiring or retired seniors eagerly anticipate these dates. To maximize pension benefits, it’s advisable to retire at the standard age. Although working after 60 is an option, individuals should carefully weigh age criteria and potential medical considerations that may affect regular work.

Malaysia Pension Payment Dates 2024

As per Section 4(1), individuals reaching the age of 60 are required to retire, a retirement age relatively lower than many other countries. To be eligible for Malaysia Pension benefits, citizens must retire at this designated age. However, seniors have the option to continue working beyond this age if they choose.

Exemptions from the age requirement can be discussed with the employer in advance. Pension payments are set to commence on February 27, 2024. Explore further in the article to learn about the Malaysia Pension Payment Dates for 2024.

What is the Malaysia Pension Scheme?

The scheme takes into account different contribution rates. Specifically, individuals around 60 years old contribute 11%, those between 60 and 75 contribute 5.5%, and those under 55 years allocate 70% to fund their retirement, reserving 30% for monthly expenses.

No employee can be compelled into early or delayed retirement. Beyond the standard retirement age, employees have the autonomy to make their own choices. Some citizens, especially those with family responsibilities or debts to address, opt to continue working after reaching 60 years of age.

What is Month Wise Pension Amount 2024?

Permanent residents in the country, who are survivors or residing with a legal partner, are eligible to receive the amount, provided they made equivalent contributions during their employment.

Citizens will receive 60% of their last drawn salary, with an interest rate of 2.5% for all employees. The minimum pension payment is set at RM240,000. Retirees have the flexibility to receive payments monthly or annually.

To claim the payment, citizens need to submit their identity cards, employment details, salary slips, residency proof, birth certificate, and income proof to the officers.

Established under the Employees Provident Fund Act 1991, the Public Pension Scheme operates with a total contribution of 23%, ensuring citizens receive their pension on a monthly or yearly basis.

How to Plan Retirement in Malaysia?

Planning for retirement can be an enjoyable process. When you have a clear idea of how to manage your money, you are more likely to make satisfying choices. Consider investing in EPF, PRS, and EPF-i. Private sector employees can access the Employees’ Provident Fund as per government regulations, with payments based on a 12% contribution from the individual and a 3.67% contribution from the employer.