Focus

EPF withdrawal is members' right, not the government's - Gerakan

MOHD AZLIM ZAINURY
By MOHD AZLIM ZAINURY
10 Mar 2023 11:39pm
Gerakan president Datuk Dr Dominic Lau Hoe Chai.
Gerakan president Datuk Dr Dominic Lau Hoe Chai.

SHAH ALAM - Parti Gerakan Rakyat Malaysia (Gerakan) described the withdrawal of the Employees Provident Fund (EPF) as members' rights and not those of the government.

Its president, Datuk Dr Dominic Lau Hoe Chai said Prime Minister Datuk Seri Anwar Ibrahim's proposal to use EPF funds as collateral to take bank loans is unwise.

"If EPF members use their savings to pay off bank loans, then they also have to pay the interest rate set by the bank.

"This can be compared to taking a loan from loan sharks, why use EPF savings as collateral? That is the people's right, it is not the government's or the bank's money.

"This implementation will further burden the people because they have to pay interest rates, so this will add more to people's debt and make it difficult for them," he said in a statement today.

Dominic said instead of using EPF funds as collateral for bank loans, EPF can launch a special loan scheme for its members to solve financial problems.

"EPF could also initiate schemes to give loans to EPF contributors and charge them at a low interest rate.

"This way, the contributor's savings will not be affected because the loan has to be repaid, and EPF can take advantage of the interest earned from contributors through annual dividends," he said.

Related Articles:

EPF Withdrawals
Collateral
Rights
Contributors
Government
Anwar Ibrahim
Loan
Interest Rate
GERAKAN
More Like This
The new tariff schedule with a base tariff of 45.62 sen per kilowatt-hour for Peninsular Malaysia under Regulatory Period 4 (RP4) is proposed to be implemented starting July 1, 2025, Tenaga Nasional Bhd said today.
The new tariff schedule with a base tariff of 45.62 sen per kilowatt-hour for Peninsular Malaysia under Regulatory Period 4 (RP4) is proposed to be implemented starting July 1, 2025, Tenaga Nasional Bhd said today.
National TNB proposes to impose higher base tariff for Peninsular Malaysia for 2025-2027
TNB said the regulatory rate of return has been maintained at 7.3 per cent as per RP3 and this would enable the utility firm to make essential investments in the industry, ensuring a continuous and reliable electricity supply to meet growing demand.
A generator room supplying electricity to the Tuanku Ja'afar Hospital here caught fire earlier this afternoon.
A generator room supplying electricity to the Tuanku Ja'afar Hospital here caught fire earlier this afternoon.
National Lorry accident causes fire at HTJ generator room
The fire was caused by a lorry, believed to be carrying construction materials, which snagged an electrical cable, causing the cable pole to collapse.
Photo for illustration purpose only. - Photo illustrated via Canva
Photo for illustration purpose only. - Photo illustrated via Canva
National Immediate reform needed in social media regulations to protect children - Syerleena
"The Internet, once celebrated as a vast repository of limitless knowledge, has become a dark and perilous space for those who seek to exploit children."
A Perodua Kelisa carrying a family of four overturned after losing control at KM212.3 of the WCE near Sitiawan. Photo: Perak Fire Department.
A Perodua Kelisa carrying a family of four overturned after losing control at KM212.3 of the WCE near Sitiawan. Photo: Perak Fire Department.
National Tragic accident on WCE claims lives of mother, toddler
By NOOR AINON MOHAMED
26 Dec 2024 07:44pm
The vehicle veered off the road and crashed into the road divider before overturning in the middle of the road, resulting in the toddler being ejected.