SHAH ALAM - An economist has raise concerns over Perikatan Nasional's move to allow targeted withdrawals from Employees Provident Fund (EPF) if it wins Nov 19 polls.
Professor Dr Barjoyai Bardai said EPF withdrawals should not be done at the expense of people’s future.
"Right now, 3.2 million EPF depositors only have around RM1,000 in their accounts.
"Another 6.3 million depositors have around RM10,000 in savings,” he told Sinar Daily.
Meanwhile, economist Professor Yeah Kim Leng is of the opinion that the move is premature.
Yeah said the previous four EPF withdrawals depleted the contributor's savings with most of them having savings of less than three months.
"We should focus on how to enhance and accelerate pension savings.
"If not, we will have an old-age poverty crisis.
Professor Dr Barjoyai Bardai said EPF withdrawals should not be done at the expense of people’s future.
"Right now, 3.2 million EPF depositors only have around RM1,000 in their accounts.
"Another 6.3 million depositors have around RM10,000 in savings,” he told Sinar Daily.
Meanwhile, economist Professor Yeah Kim Leng is of the opinion that the move is premature.
Yeah said the previous four EPF withdrawals depleted the contributor's savings with most of them having savings of less than three months.
"We should focus on how to enhance and accelerate pension savings.
"If not, we will have an old-age poverty crisis.