Economist: The federal government was worried that those who continue to withdraw their EPF savings will not have a safety net for their future. theSun theSundaily economy politics savings EPF KWSP
An economist has warned that if the federal government allows further EPF withdrawals, Malaysia will end up with a post-retirement crisis. – Shahrill Basri/theSunNGOs and political parties should stop exploiting the Employees Provident Fund for mileage, as having a healthy pension fund is in the long-term interests of its contributors, said Universiti Putra Malaysia political science professor Datuk Dr Jayum Jawan.
Last Friday, Deputy Finance Minister Datuk Seri Ahmad Maslan said the median savings in the EPF accounts of all Malaysians declined 50% to RM8,100 in 2022 from RM16,600 in 2019. Economist Datuk Jalilah Baba said the federal government was worried that those who continue to withdraw their EPF savings will not have a safety net for their future.
“At the time, people just didn’t have the money to overcome their difficulties. However, subsequently, measures were not taken to address the problems confronting them. Due to the lack of a holistic approach, we now have another round of demands for withdrawals. Allowing another withdrawal yet again will not solve the long-term, post-retirement issues that EPF contributors will face,” he said.
“Ideally, the government should not allow withdrawals while it is putting in place policies and strategies to allow access to credit,” he said.
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