With the constant weakening of the Ringgit and bleak career prospects, many Malaysians are flocking to Singapore in search of a better life and higher pay.
One Malaysian recently caused a stir on social media after he revealed he had amassed RM1.2 million in savings after spending a good 20 years working in Singapore and wondered what he should do with such a huge amount of money.
M’sian works in SG for 20 years & has RM1.2mil in savings
According to mStar, the 42-year-old man said in a Facebook group that he had worked in Singapore since 2003.
He also revealed that throughout his 20 years of working in Singapore, he now has a total of S$354,258 (approx. RM1.25mil) of savings in his Central Provident Fund (CPF) account.
For the uninitiated, CPF is Singapore’s version of Malaysia’s Employees Provident Fund (EPF).
‘What should I do with it?’
With so much money on his hands, the man asked what should he do with the savings he had accumulated over the years.
If your CPF has accumulated so much money, what do you plan to do with it? I’m still considering how to use this money as I don’t intend to continue commuting to Singapore every day.
“If I were to resign now, it’ll be a pity as I’m earning S$5,000 (approx. RM17,000) as an engineer. Whenever I see this amount, I have this strong urge to to withdraw it as I want to enjoy the fruits of my labour while I’m still healthy,” he said.
The man also asked what should he do if he decided to retire and return to Malaysia.
“If I return to Malaysia, I don’t know what to do because my youth was spent working in a factory in Singapore. I want to ask for opinions from my wife, but I’m still single. I asked my parents, but they told me I should decide on my own.
“I originally planned to work until the age of 55, but when I got promoted, I began to feel the pressure of working life. That’s why I have to look for alternatives before I suffer from any chronic diseases,” he said.
What would you do if you had such a huge amount of savings like this man? Share with us in the comments!
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