Here’s 3 reasons why you need a side & passive income in Malaysia.
FIRST Malaysia employment market charted an average salary growth of 3.2% per annum, while Malaysia Inflation rate at 2.8%. After the adjusted rate of salary growth and inflation rate, the net growth is only 0.39% per annum! SECOND The unemployment rate in Malaysia is stood at 4.1% or 671,000 are unemployed! Side income is not only a personal safety net against unemployment, but also to better control your income level by giving yourself a “raise”. THIRD Most Malaysian couldn’t afford retirement and only 3% of them could. Before the pandemic covid-19, 70% of EPF members who withdraw their funds at age 55 use up their saving after retiring. With the withdrawal of i-Sinar, i-Lestari and i-Citra, 54% of EPF members age 54 would have less than RM50,000 in their saving accounts, With the life expectancy rising every year, we may need more savings for medical expenses, to cope with inflation rate and to sustain our lifestyle. ...