In a survey conducted by the UCSI Poll Research Centre, almost half of the participants in the T20 income group said that they used or would use their Employees Provident Fund (EPF) i-Sinar withdrawal money to invest in gold and stocks.
As many as 47.7% of the T20 group participants said that they were using their EPF i-Sinar funds for investments. There were also participants from the M40 and B40 groups who were withdrawing their EPF funds for this purpose, but at a lower percentage of 31.1% and 35.5% respectively.
“Interestingly, investment was one of the main reasons for a i-Sinar withdrawal, particularly among the T20 group,” the research centre said in a statement. According to the survey, most of those who cited this use of i-Sinar funds were aged between 40-55 years old. “Even in these challenging times with the Covid-19 pandemic, there are people who see an opportunity and seize it.”
For those in the 26-55 age bracket in the B40 and M40 income groups, repayment was the main justification for their EPF withdrawals. It was found overall that only 48.6% of the 809 survey respondents used the money for food and groceries.
The i-Sinar programme is a withdrawal facility introduced by the Malaysian government to help those facing financial difficulties due to the Covid-19 pandemic. EPF members who fit the eligibility criteria can withdraw up to RM10,000 or up to 10% of their Akaun 1 savings, depending on their balance in Akaun 1. You can read more of our coverage on the facility here.
(Source: Bernama)
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