Stop people dipping into old age savings, says Umno Youth

 

The government had allowed nearly six million Employees Provident Fund members to withdraw RM52.48 billion under the i-Sinar scheme earlier this year.

PETALING JAYA: After billions of ringgit were withdrawn under the i-Sinar scheme by those affected by Covid-19 pandemic, Umno Youth now wants long-term measures to prevent more people from dipping into their old age savings.

Umno Youth chief Asyraf Wajdi Dusuki suggested these measures include mega projects with a multiplier effect on the economy to create job opportunities for youths, and cash transfers.

Asyraf Wajdi Dusuki.

“If this is successful, the rakyat will no longer have to depend on their old age savings in the Employees Provident Fund,” he said in a statement.

Asyraf said Umno Youth was concerned as EPF had announced that 46% of its members had less than RM10,000 in savings, which is enough only for about three years after retirement.

In March this year, RM52.48 billion was approved for withdrawal under the i-Sinar scheme.

Finance minister Tengku Zafrul Aziz said these applications came from 5.94 million EPF members.

The i-Sinar facility opened on March 8 and was open for all members aged under 55. - FMT