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KUALA LUMPUR – Instead of allowing further Employees’ Provident Fund (EPF) withdrawals, it is time for measures to replenish funds taken out by contributors during the Covid-19 pandemic, said PKR lawmaker Lee Chean Chung.
The Petaling Jaya MP noted alarming statistics on the high numbers of contributors who only have retirement savings of less than RM10,000 left, and proposed three ways to address the problem.
He suggested tiered dividends to provide higher dividends to those with more savings contributions, as well as increasing foreign investments by EPF and limiting withdrawals after age 55.
“Rather than focusing on the debate over whether additional withdrawals should be allowed, it would be better for all parties to focus on how to ensure that contributions are sufficient when millions of our contributors reach retirement age.
“EPF as an executor should focus its energy on increasing returns and provide greater awareness about the management of people’s retirement funds,” Lee said in a statement today.
The PKR lawmaker was responding to calls, mainly from opposition figures, urging the government to allow yet another round of withdrawals from the retirement fund to cope with the rising cost of living.
Lee said the previous withdrawal facilities such as i-Lestari, i-Sinar, and i-Citra were allowed because of the economic and health crisis during the Covid-19 pandemic. – The Vibes, January 26, 2023
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