On 01 May 2023, it was reported that workers have called for employers to contribute 20% towards the EPF (Employees Provident Fund). Our Prime Minister has said that this request would be brought to the Cabinet for discussion. Presently, employees contribute 11% of their monthly salary to the EPF while employers contribute another 12% or 13% of the salary, depending on the statutory contribution rate.
Malaysia, as well as the rest of the world is just recovering from the great setback caused by the pandemic. Many are keeping their fingers crossed for stability to continue so that the economy can recover and lives can be normal again.
However, the reality is that rising costs of living has affected many in the nations of the world. In Malaysia, it is no different. So, it is not surprising for workers to call for a consideration to increase their employers’ contribution to EPF. But, do you think this is the right time for such a request? Is Malaysia prepared for one million job cuts should this come through? This proposal is good for a worker’s retirement but it may result in a domino effect that will affect everyone negatively.
We have to address the main issue now – the rising cost of almost everything.
Personally, to cope with this reality of rising costs, I choose to make some changes to my lifestyle and preferences. We need to move in tandem to this change. Instead of a call to increase the employer’s contribution to EPF to help workers cope with the rising cost of living, steps should be taken to help everyone – employers, employees, pensioners as well as retirees so that all will have sufficient food on their tables and a roof over their heads.
Do consider ways to make Malaysia attractive to investors and keep housing affordable and food prices stable. Maybe, our public transport system can also be improved so that more people will find it easy and convenient to use our public transport to work. This will reduce the number of cars on the road and also benefit many pensioners or retirees who no longer drive due to their age.
Let us all help one another in every level of society to weather through this season of recovery. Let us go the extra mile so that Malaysia can not only recover economically and politically but also progress by leaps and bounds. When Malaysia progresses, all the rakyat will rejoice!
May God bless Malaysia with political stability, endurance and wisdom for every decision she has to make.
Mei Wong is a content creator under the Newswav Creator programme, where you get to express yourself, be a citizen journalist, and at the same time monetize your content & reach millions of users on Newswav. Log in to creator.newswav.com and become a Newswav Creator now!
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