Monday, October 2, 2023
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Brunei Town
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Withdrawing retirement fund en masse will spell trouble

There has been a lot of buzz surrounding the National Retirement Scheme (SPK) among those aged 45 and above at the possibility of withdrawing a chunk of the fund for housing or other expenses.

As someone who is in the age range, I am concerned that once the option is made official, a lot of people would be in a mad rush to withdraw from the fund to spend on holidays and luxury items, instead of preparing themselves for retirement.

What worries me more is the general attitude among some of them, that should they run out of their retirement funds, they could always ask for financial assistance from the authorities later.

I think these welfare programmes are great, especially for those who fall below the poverty line. But they should not be made so easily available for those who have mindlessly spent away their retirement money.

Such a laissez-faire attitude will only hinder our economy by placing too much burden on society as well as the government to pay for their impulsivity. But judging from the excitement among my peers, I don’t think they think that far ahead.

I hope to be wrong here; but should I be right to worry, I would like to caution the authorities on the potential fallout from mass impetuousness.

Mr Worry

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