PSM rejects EPF withdrawal plan, takes a swipe at 'super-rich' politicians

 

PSM has trained its guns on politicians whom it claims are “rolling in millions” with regard to the financial burden of laid-off workers.

The answer to this pandemic-related conundrum, according to party deputy president S Arutchelvan, lies on the wrists of these politicians.

Without mentioning names and on a sarcastic note, he said these politicians just have to donate two branded watches from their collection for a fund to assist workers who have lost their jobs.

"Over the years, we have read about these politicians' penchant for such watches and seen photographs of them sporting these watches at public events.

"A single watch is worth more than what labourers would be able to earn in their lifetime. So, it can make a huge difference to those struggling to make ends meet," he told Malaysiakini.

S Arutchelvan

Arutchelvan said this when expressing PSM's opposition to the proposal to allow laid-off workers to withdraw funds from Account 1 of their EPF savings.

In a statement earlier, he said such a move would be tantamount to “robbing workers of their retirement savings”.

On the contrary, he said it is the “super-rich, including our parliamentarians” who should sacrifice and take a pay cut.

'Absurd' proposal

Arutchelvan argued that allowing the EPF withdrawal would set a bad precedent and go against the noble idea why such a scheme exists in the first place.

“Why is everyone so eager to put their hands into the retirement funds of the workers when we should focus on how to assist them?” he asked.

Describing the proposal as “absurd”, Arutchelvan said Account 1 is clearly meant for retirement and a person could only withdraw under strict regulations after reaching the ages of 50, 55 or 60.

The PSM leader said the government should ensure that these funds are not touched and it is the government's role to ensure laid-off workers are helped.

“PSM has already proposed a doable UBI (Universal Basic Income) which will ensure no person who is not earning a living because of the economic crisis due to the pandemic will be safeguarded.

“Such ideas need to be explored and implemented rather than taking the little people have for their retirement. Parliamentarians should not be short-sighted and support such a move,” he added.

Earlier, Prime Minister Muhyiddin Yassin said the government is studying the proposal to allow the withdrawal.

"I have discussed with the Finance Ministry and we basically agreed and are prepared to study the proposal for contributors who really need to withdraw allocations from Account 1," he added.

However, Muhyiddin also noted that more than 30 percent of EPF members have savings of less than RM5,000 in their accounts.

"(There are) some who have contributions of less than RM1,000. Hence, EPF savings will not necessarily be able to address their cash flow problem.

"If they draw down then they won't have any savings for their future," he said. - Mkini