Mika
VIP Contributor
In my home country, people positioned in government jobs are entitled to provident funds as well as retirement funds. While they can use their provident funds whenever they can, they will receive retirement funds only after 20 years of working. They will receive retirement funds until they live and will pass them on to their spouse for the rest of his/her life.
However, for people working in private companies, there is no retirement fund. By the time you leave your job all you will have is your provident funds (if you have not spent) and your own personal saving.
People who have jobs have some sort of financial security in terms of provident funds, but for people who work independently, there is no financial security. In such a case how can you plan retirement?
I think the best retirement plan for these people can be buying a 20 years insurance policy before they reach 40 years of age.
However, for people working in private companies, there is no retirement fund. By the time you leave your job all you will have is your provident funds (if you have not spent) and your own personal saving.
People who have jobs have some sort of financial security in terms of provident funds, but for people who work independently, there is no financial security. In such a case how can you plan retirement?
I think the best retirement plan for these people can be buying a 20 years insurance policy before they reach 40 years of age.