MIER: EPF not designed for calamities and pandemics, short-term withdrawals must never be repeated | Malay Mail

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MIER: EPF not designed for calamities and pandemics, short-term withdrawals must never be repeated

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KUALA LUMPUR, Jan 6 — The Malaysian Institute of Economic Research has opposed a call made by certain quarters to allow Employees Provident Fund members to withdraw additional funds from their retirement accounts, arguing that such withdrawals should be guided by sound economic reasoning.

MIER said this in response to certain quarters that have been urging the government to allow a one-off i-Citra withdrawal of RM10,000 for contributors affected by floods in the country. “The mass withdrawals have resulted in 6.1 million members now having less than RM10,000 in their EPF accounts, with 3.6 million members having less than RM1,000 in their retirement fund. This level is undoubtedly a far cry from the threshold of RM240,000 essential savings by the age of 55 for members to enjoy a dignified retirement,” it added.

MIER suggested that long-term measures are imperative to ensure that the members have adequate savings for retirement, of which, employer’s EPF contribution rate can be adjusted without increasing the employers’ labour cost burden.

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EPF means Emergency Poor Fund and it is for the poor people when they really need the money

But epf was designed to help a convicted exPM

To make money for stupid gov using our money.. simple.. fact

Design can be changed , just like anybody helming any post in organizations or government

Stop corruption and embezzlement at the highest office. Make them return all the money and we don't need to touch EPF. But actions so so slow till they hope we forget. Good luck on the upcoming starvation pandemic when nobody has any money for their old age.

Yeah but why did Muhyiddin's gov allow it thereby setting a precedent? Was it a formula that Najib and Zahid used to bring down Muhyiddin and are doing the same with Ismail Sabri? Bankrupt the people of life savings for their own gain and livelihood?

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