Govt mulls ways to reduce people's financial stress without EPF withdrawals

KUALA SELANGOR - The government is in the midst of finding ways to reduce people’s financial stress without them having to withdraw their savings from the Employees Provident Fund (EPF).

Prime Minister Datuk Seri Anwar Ibrahim said this was because the people had already been allowed to make several EPF withdrawals before, which had certainly caused the amount of their retirement savings to decline.

"Most of their (EPF) savings have been withdrawn before. Some are only left with RM10,000 or RM5,000. So, they have to think of their options.

"If they were to retire in four years’ time, what will happen?” he told reporters after the Universiti Selangor’s Kursi Siddiq Fadzil Distinguished Lecture at its Bestari Jaya campus here today.

He said this when asked whether another EPF withdrawal would be considered in the revised Budget 2023.

The Prime Minister said the government had to really mull over the possibility to allow the withdrawal to prevent people from suffering from financial stress after retirement.

In the meantime, Anwar, who is also Finance Minister, said the focus of the budget, which is to be tabled on Feb 24, is on efforts to deal with the problems of the national deficit, digitalisation issues, food safety and the cost of living.

"Other than that, I will announce during the tabling,” he said.

On the Malaysian United Democratic Alliance (Muda) which was said to be upset for not being invited to the Unity Government Secretariat meeting last Tuesday, Anwar said the meeting only involved parties which founded the Unity Government.

"The others (parties that support the Unity Government) will be included in the committee,” he said. - BERNAMA