EPF savings

According to EPF, the incentive was allocated to individuals with EPF savings of RM10,000 and below in their Account 1 as of Feb 24, 2023.

Datuk Seri Ahmad Maslan said the estimated savings would enable someone to sustain life for 20 years after retirement.

Anwar said the government had checked with EPF and the Attorney-General for legal advice on this matter.

More than RM145 bln was withdrawn by 8.1 mln individuals during the pandemic under four special withdrawal schemes, Ahmad Maslan said.

Anwar said the people had already been allowed to make several EPF withdrawals before, which caused their retirement amount to decline.

Police said the 26-year-old victim claimed that she had come across a lucrative job offer advertised on Facebook.

Ahmed Razman said this withdrawal would only reduce their EPF savings for old age.

The criteria to withdraw EPF savings should not be loosened but tightened to counter-balance the impact of existing withdrawals.

The MEF said there should not be any more withdrawal schemes from the EPF savings prior to its members reaching their retirement age of 60 to ensure they have adequate savings.

Tough measures are needed to deal with the low savings issue that may then morph into a possible bankruptcy crisis.

The issue of EPF was once again raised by MPs today who, among others, stressed that EPF savings should only be used as a last resort to help the people.

Accessing hard-earned savings in Account 1 should not be the only way for EPF members to get cash in order to get through these very difficult times.

Effective July 21, more than 70,000 EPF contributors can use their savings from Account 2 to settle the balance of their education loans, irrespective of their loan agreement dates.

Living life with good health is the best investment for retirement, especially during old age.

many subscribers ran out of their EPF savings within three or five years after their retirement although the life span for Malaysians had increased to 75 years.

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