Malaysia Pension Payment Dates 2024: Month Wise Pension Amount and Payout Dates

For retirees and those approaching retirement, the Malaysia Pension Payment Dates for 2024 have been eagerly anticipated. To receive full pension benefits, citizens are required to retire at the designated age. While individuals have the option to continue working beyond the age of 60, they should take into account age-related factors and potential health issues, as these may affect their ability to maintain consistent work.

Table of Contents

Malaysia Pension Payment Dates 2024

As per Section 4(1), Malaysian citizens are required to retire upon reaching the age of 60. This official retirement age is relatively lower compared to other countries. To be eligible for Malaysia’s pension benefits, individuals must retire at this designated age, though seniors have the option to continue working beyond it if they choose.

Exceptions to the retirement age requirement can be discussed with employers in advance. The pension payments for 2024 will commence on 27th February. Keep reading to learn more about the Malaysia Pension Payment Dates for 2024.

What is the Malaysia Pension Scheme?

The Malaysia Pension Scheme is based on a contribution rate system. For citizens around 60 years of age, a contribution of 11% is required. For individuals aged between 60 and 75, the contribution rate is set at 5.5%. Those under the age of 55 must allocate 70% of their earnings towards retirement funding, with the remaining 30% available for monthly expenses.

No employee can be compelled to retire either earlier or later than the standard retirement age. Once they reach the official retirement age, the decision to continue working is entirely up to the individual. Many citizens, particularly those with family responsibilities or financial obligations, may choose to work beyond 60 years of age.

Month-Wise Pension Amount 2024

Permanent residents, along with legal partners or survivors of the deceased, are eligible to receive pension benefits, provided they made the necessary contributions during their employment.

Citizens will receive 60% of their last drawn salary as their pension. The interest rate for all employees is set at 2.5%. The minimum pension payment is RM240,000. Retirees have the flexibility to choose between receiving payments on a monthly or yearly basis.

To claim the pension, individuals need to submit required documents such as identity cards, employment details, salary slips, proof of residency, birth certificates, and income proof to the authorities.

The Public Pension Scheme, established under the Employees Provident Fund Act of 1991, requires a total contribution of 23%, which determines the pension amount. Beneficiaries can choose to receive this amount either monthly or annually.

How to Plan Retirement in Malaysia?

Retirement planning can be an exciting process, as it gives you the opportunity to decide how to use your savings. To ensure a financially secure future, consider investing in schemes such as the Employees’ Provident Fund (EPF), Private Retirement Schemes (PRS), and EPF-i.

For private sector employees, the EPF provides a solid foundation for retirement savings, governed by government regulations. Contributions typically consist of 12% from the employee and 3.67% from the employer, forming the basis of the pension payments. Proper planning will help ensure you have the financial resources needed during retirement.

Review Your Account and Boost Monthly Savings

To increase your savings each month, regularly review your finances and identify areas for improvement. The government offers credits and incentives that can help offset costs, so be sure to take advantage of these. Cooking at home more frequently is a great way to manage expenses, as it allows for better control over your budget. Additionally, prioritize purchasing essential items at more affordable rates to further reduce spending and maximize savings.

Malaysia Pension Payout Dates 2024

The government has predetermined the schedule for pension payments, with adjustments made only as per the specific provisions of the relevant authorities. Payments will vary depending on whether retirement is early or late. Below are the expected payout dates for your reference:

27 February 2024
26 March 2024
26 April 2024
29 May 2024
28 August 2024
25 September 2024
29 October 2024
27 November 2024
27 December 2024

These are the anticipated payment dates. If payments are delayed, citizens are advised to remain patient and avoid entering sensitive information on unofficial websites. For the latest updates, always refer to the official portal. Government officials are available to assist with inquiries and provide effective resolutions.

BSACS HOME