EPF Says Singles Can Live Comfortably From RM1,870 Each Month But Some Malaysians Disagree

BelanjawanKu is meant to be used as a guide for financial planning and budgeting.

Cover image via Wall Street Journal/Twitter @MOFmalaysia (Edited by SAYS)

The Employees Provident Fund (EPF) launched an expenditure guide titled BelanjawanKu for Klang Valley residents yesterday, 4 March

The guide, which was developed in collaboration with the Social Wellbeing Research Centre (SWRC) of Universiti Malaya, aims to "help Malaysians plan their personal and family budgeting to achieve a reasonable standard of living".

The study was conducted from July 2017 to July 2018 within Klang Valley, but it is not stated how many respondents were involved.

BelanjawanKu offers Malaysians a budget breakdown and estimates based on their household category

Image via EPF

Here's the minimum amount needed by each type of household category:
- Single (Public transport user) - RM1,870,
- Single (Car owner) - RM2,490,
- Married couple (Without children) - RM4,420,
- Married couple (With one child) - RM5,730,
- Married couple (With two children) - RM6,620, and
- Elderly couple - RM3,090.

Budget estimates for each household type includes categories such as food, housing, healthcare, transport, social participation, and savings.

However, the guide has drawn flak for being "unrealistic" in its estimations, especially in the singles category

Image via Twitter
Image via Twitter

Malaysian Trade Unions Congress (MTUC) president Datuk Abdul Halim Mansor also disputed the estimates given by EPF

In a report by theSun, he said Bank Negara Malaysia's living wage estimation of RM2,700 for singles is a better representation.

"We don't live in a box and stay in that box all day. We are humans and we have our wants and needs. How can you say RM1,800 is enough," said Abdul Halim.

"You also have to look at other responsibilities that an individual may have, like giving cash to their parents. BelanjawanKu did not take into account all this."

On the other hand, some netizens have pointed out that the expenditure breakdowns are accurate and possible to achieve

Image via Twitter
Image via Twitter
Image via Twitter

Do you agree with EPF's minimum expenditure for your household category? Share with us why in the comments!

Read more #news on SAYS:

You may be interested in: