KUALA LUMPUR, Jan 6 — The government must draw up details on the needs of the people from time to time especially at a time when many are still facing difficulties due to Covid-19 and exacerbated by the recent floods to prevent them from continuously depend on the Employees Provident Fund (EPF) savings withdrawal.
DM Analytics Sdn Bhd senior researcher Zouhair Rosli said it is very important for the government to regularly assess whether the assistance provided is sufficient to make sure it could help all citizens and subsequently ensure that the recovery is even.
“I think the people know that the EPF is savings for old age but why do they still want to make withdrawals...this is because they need money for their survival,” he said on Bernama TV’s Malaysia Petang Ini talk show entitled “EPF Withdrawals for Consumption Smoothing” today.
He said this showed that there are still many people who needed help on an ongoing basis.
“Details are also important to ensure that not only the ‘upper-class people’ recover and let the people at the bottom struggle,” he said.
Zouhair said the government should also avoid doing the same due to the negative impact of EPF withdrawals on the people’s future retirement.
“The damage has been done and the government should no longer allow any more withdrawals but should provide adequate assistance,” he added. — Bernama
