HARD TIMES FOR MALAYSIANS STARTING TO SHOW: ALLOW EMPLOYEES TO OPT OUT OF EPF TO EASE FINANCIAL BURDEN, URGES PCCCI
IPOH: To ease the financial burden of the people due to high cost of living, the Perak Chinese Chamber of Commerce and Industry (PCCCI) has proposed that the government consider allowing employees to opt out in the contribution of Employees Provident Fund savings for a year.
Chamber president Datuk Liew Sew Yee (pix) said looking at a working population of some 13 million with an average salary of RM2,000 a month, it is about RM6.24 billion a month.
“This adds up to the additional spending power injected into the market with extra cash,” he said at PCCCI’s Chinese New Year Open House here on Sunday.
“There is practically no cumbersome administrative effort needed to have the system executed,” he added.
Liew said although there will be arguments on foregoing the EPF contributions, it is just temporary.
“People and businesses have to survive, if they are unable to survive short term there is no long term plan to talk about,” he added.
Liew stressed while businesses are experiencing hardship, they would not want to face competition from business entities created by the Government and its agencies.
“This will result in unfair practices and prevent the private sector from additional investment to help the economy move forward.The Government should focus on implementing policies that facilitate the private sector growth especially in the current economic slowdown,” he added.
Liew also urged the Small and Medium Entrepreneurs to put in serious effort to embrace the new journey towards Industry 4.0 which is the current trend of automation and data exchange in manufacturing technologies and moving forward Industrial IOT (Internet of Things).