Malaysians save in Singapore for retirement amid pension concerns

Despite brighter economy at home, migrant workers reluctant to return

20241213 Singapore biz district1

Singapore attracts many workers from neighboring nations, such as Malaysia, some of whom are also trying to boost their retirement savings. (Photo by Ken Kobayashi)

DYLAN LOH, Nikkei staff writer

SINGAPORE -- Chin Shyong, a 39-year-old Malaysian working in Singapore, is not convinced about going back to his life in Malaysia despite bright spots that have emerged in his country, saying he will continue building a career in the neighboring city-state.

Prospects for Malaysian livelihoods have brightened this year, with the country securing foreign investments in technology, from data centers to semiconductor plants, which could spur job opportunities for locals. The country's central bank has estimated economic growth in the upper 4% to 5% range this year, supported by such investments and a favorable trade environment.

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