EPF withdrawal: Some contributors have only 68 sen a day to spend after retirement

KUALA LUMPUR - The government has been urged not to "bow down" to the opposition's calls for the withdrawal of the Employees' Provident Fund (EPF) to be allowed once again.

Datuk Seri Amirudin Shari (PH-Gombak) said the future of contributors is more important than making populist decisions.

He added that there are EPF contributors who can only spend 68 cents a day from their retirement fund due to the multiple withdrawals allowed since 2020.

"I understand what the people need, but this country can't just be developed in just one or two days. "This is because, according to a study recently, the withdrawals that were allowed during the Movement Control Order (MCO), which helped the people during difficult times, did not see the expenditures distributed accurately, which has left contributors with a very small amount of money after retirement.

"Today, some contributors only have a total of 68 cents a day if they reach 75 to 78 years of age," he said when debating the Royal Decree Motion at the Dewan Rakyat here on Monday.

He added that the issue of EPF withdrawal should not be raised again because a lot of people's retirement savings have already been exhausted.

Last Tuesday, Tan Sri Muhyiddin Yassin (PN-Pagoh) urged the government to consider targeted EPF withdrawals to meet the needs of the people.

The EPF previously disclosed the withdrawal of RM145 billion by its 8.1 million members through four series of withdrawal facilities when the Covid-19 pandemic caused the pension fund manager to "miss" the opportunity to expand its investment activities.

The four EPF withdrawal facilities allowed to contributors during the pandemic period are i-Lestari, i-Sinar, i-Citra, and Special Issuance.