Withdrawal of EPF funds no longer relevant
HISYAMUDDIN AYUB
Ledang MP Syed Ibrahim Syed Noh said this was because the move was not suited to the current situation.
The Johor Parti Keadilan Rakyat (PKR) Leadership Council deputy chairman said if the public was still in a desperate situation similar to when pandemic hit, then suggestion might have its merits.
However he said since the country and most parts of the world are almost completely free from Covid-19, and have begun operating as usual, the suggestion itself is not a solution to look to in the long run.
“As the economy is reopened and is recovering, I believe it is better for the EPF funds to be set aside for retirement and to be withdrawn at the stipulated time ,” he said to Sinar Premium.
Ibrahim said even though the EPF money is owned by the contributor a major issue could appear in the future and it could create problems for the contributor if the savings are used before its time.
He explained that the issue that was of concern is that when individuals no longer have sufficient retirement savings to be used in the future after they retire or were no longer working.
Ibrahim said the suggestion by Prime Minister Datuk Seri Anwar Ibrahim for a different form of aid to be prepared by the government as aid would be a better move.
“I believe there are many monetary aids that are provided by the government that is not well known or people have yet to benefit from such as the allowance of losing a job and the allowance for job hunting which is provided for by the Social Security Organization (Socso).
“ I would like to urge for agencies to carry out engagement sessions and explain how the aid by the agencies could best be utilised by those in need,” he said.
Melaka Parti Keadilan Rakyat (PKR) Leadership Council treasurer Datuk Gue Teck shared the same thoughts as Ibrahim.
He said the action of withdrawing EPF funds is not reasonable as it won’t help solve the issues of the public.
He said the move to allow the public to withdraw EPF funds before their retirement or at the end of their service will cause major implications because they can no longer finance their retirement.
“The purpose of the EPF is to save enough funds to be used in the future or after retirement.
“Do not simply think of withdrawing this money (EPF funds) while we’re younger and are more able bodied,” he said.
