KUALA LUMPUR – The Finance Ministry will thoroughly refine and study former prime minister Datuk Seri Najib Razak’s suggestion to increase the withdrawal limit of the Employees Provident Fund (EPF) via the i-Citra scheme, said Yamani Hafez Musa (Sipitang-Bersatu).
During his winding-up speech in the Dewan Rakyat today, the deputy Finance Minister II said the ministry will take into account all forms of assistance which have been and will be paid out by the government to ease the financial burden of the people during these trying times.
“Consideration to increase the withdrawal limit of i-Citra should also take into account the need to balance the current needs and the importance of retirement savings for the future with the country expected to experience an ageing population in the next 10 to 15 years,” he said.
On September 15, Najib suggested that the government should increase the i-Citra maximum withdrawal limit from RM5,000 to RM10,000 provided that the government undertake serious efforts to boost EPF’s assets by giving more business opportunities to EPF-owned companies.
During the debate session on the motion of thanks on the royal address by the Yang di-Pertuan Agong, the Pekan MP also proposed the introduction of the i-Survive soft loan scheme for B40 and M40 borrowers, with a three-year repayment period and a low maximum interest rate of 3%.
Commenting on that proposal, Yamani said his ministry had already implemented different initiatives including providing various forms of direct cash assistance to target groups in an effort to increase cash flow to every household in need.
“This includes Bantuan Prihatin Nasional (BPN), Bantuan Prihatin Rakyat (BPR) and Special Covid-19 Assistance (BKC), as well as loss of employment assistance with a total allocation of RM17.1 billion this year.
“Of that amount, a total of RM15.2 billion has been channelled to the recipients,” he said.
In addition, the Bersatu lawmaker said the government is still discussing the proposal to grant a loan moratorium without accrued interest to the people as it involves commercial decisions from banks, board of directors and their shareholders.
“However, we will work on a solution by taking into account the long-term impact on borrowers, depositors, investors, financial institutions and the nation’s economy.
“The government also understands the problems faced by the people and we will consider the proposals which have been submitted,” he said. – The Vibes, September 22, 2021
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