Malaysian Trades Union Congress secretary-general J. Solomon said the move by the federal statutory body means that those who do not fill up the form for the reduction will automatically have their monthly EPF contributions cut by four per cent beginning April 2020.“This amount will be channelled back as ‘extra’ salary to the workers to help them mitigate the economic impact from the Covid-19 virus outbreak.
In a March 5 statement, the EPF said employees wishing to maintain their employee contribution at 11 per cent must complete the Borang KWSP 17A and submit it to the EPF via their employers. Solomon said accordingly, the congress fears that workers who do not fill up the required forms will be deemed as agreeable to have their contributions reduced, even when it is clearly against their wishes.
Solomon also said that the EPF also has a moral responsibility to discourage contributors from reducing their contribution merely to have some extra pocket money at month’s end. The fund has also reported that 50 per cent of its members have only an average of RM50,000 in EPF savings by the time they hit the retirement age of 55 years. This amount will only last them five years.
“Such loan facilities are provided for the business community and why can’t it be extended to workers?” he said.
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