EPF withdrawal

EPF stressed that the first such payout under the proposal would only be made when those new members retired decades in the future.

In addition to his call for no further withdrawals, Anwar has also proposed that the EPF increase its domestic investments to 70% of its total investments, up from 64% last year.

Rafizi said taking the money out of the EPF would drastically reduce its fund size and severely impact the fund manager's flexibility.

Amirudin said the remaining savings of contributors are becoming more worrying following several special withdrawal initiatives.

More than RM145 bln was withdrawn by 8.1 mln individuals during the pandemic under four special withdrawal schemes, Ahmad Maslan said.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

Previous withdrawals have already left millions without pension savings, forcing them to work beyond retirement.

PM Anwar said the government will have to consider the plight and the future of EPF contributors before they are allowed another round of special withdrawals.

EPF withdrawals, at a time when the people are facing uncertainties caused by the COVID-19 pandemic, must be considered a dire and emergency need, UMNO youth chief Datuk Dr Asyraf Wajdi Dusuki said.

There are other steps that can be done, which would be able to better target the root of the matter, says Melissa Norman.

The special withdrawal is open to members under 55 years old from April 1 to 30 while payment would be made on April 20.

A rule of thumb every employed person should abide by is not to touch his or her retirement fund, no matter what happens.

The government's decision to allow a special withdrawal of RM10,000 from EPF accounts continued to get the attention of delegates at UMNO's Wanita, Youth and Puteri assemblies today.

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