EPF withdrawal should be last resort - Nurul Izzah

KUALA LUMPUR: The issue of Employees Provident Fund (EPF) was once again raised by members of Parliament today who, among others, stressed that EPF savings should only be used as a last resort to help the people.

Nurul Izzah Anwar (PH-Permatang Pauh) said the government should provide funds because EPF contributions were the people's savings.

"A total of 70 per cent of B40 families and 50 per cent of M40s who withdraw their (EPF) savings of RM5,000 and below said the money is only enough to help them for three months.

"The total amount of withdrawal is equal to 20 per cent of the government's latest stimulus packages," she said when debating the 2022 Supply Bill in Dewan Rakyat today.

Meanwhile, Datuk Mohd Nizar Zakaria (BN-Parit) suggested that EPF invest contributors' savings of less than RM10,000 in Account 1 into a 'mutual investment fund' based on an agreement between the two parties.

"I also suggest that contributors with savings of more than RM100,000 in Account 1 be given a one-off withdrawal facility of RM10,000 and above.

"This is important to help Malaysian families who are in dire need, especially those from the M40 group," he said.

-- BERNAMA