EPF withdrawal should be last resort - Nurul Izzah

 

Members of Parliament today stressed that Employees' Provident Fund (EPF) savings should only be used as a last resort.

Nurul Izzah Anwar (Harapan-Permatang Pauh) said the government should provide funds to assist the public instead of relying on EPF withdrawals because they are considered the people’s savings.

“A total of 70 percent of B40 families and 50 percent 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 percent of the government’s latest stimulus packages,” she said when debating the 2022 Supply Bill (Budget 2022) in the Dewan Rakyat today.

Meanwhile, Mohd Nizar Zakaria (BN-Parit) suggested that the 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