More Employees Provident Fund members will have to retire below the Poverty Line Income level if the
the government allows additional withdrawals, said Finance Minister Tengku Datuk Seri Zafrul.
He added this was due to the continuous decline in EPF members’ retirement savings, as currently almost half of the members had savings of less than RM10,000, of which 55 percent were bumiputera. “If additional withdrawals are allowed, it will cause more members to retire below the poverty line, and also cause a huge burden to all Malaysian families in the future, especially if the economic downturn occurs,”.
This was in response to a public study conducted by UMNO Youth, that more than 97 percent of members wanted the
government to approve the withdrawal of EPF i-Citra savings of RM10,000 on a ‘one-time payment’ basis. Commenting on this Tengku Zafrul said every decision made by the government must balance between the interests of the people in the short term and also the long term. He also assured that the government remains sensitive to the
people’s problems, and various approaches are being taken to preserve the welfare of the people, including the B40 and M40 groups.
Under the 2022 Budget, more than RM31 billion has been earmarked for subsidies, assistance, and incentives to reduce the impact of the rising cost of living.
Additionally, to ensure the well-being of the people, the Bantuan Keluarga Malaysia has allocated RM8.2 billion to 9.6 million recipients, these are some of the assistance provided that can help Malaysians weather the storm for the time being.
The PN-led government headed by UMNO Supreme Council member Dato Seri Ismail Sabri has come under fire on the way it managed the flood disaster, where even quarters within the ruling coalition have questioned some of the actions the government had taken.
Dissatisfied with the financial assistance provided, UMNO Youth has been harping on allowing EPF withdrawal as a last resort to fill the pockets of the victims who are looking to rebuild their lives. A long-standing question is whether a withdrawal should be permitted or an alternative solution should be tabled?
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