Malaysia

Allowing EPF savings withdrawals a bad idea, says NGO

Money should be reserved for retirement alone, says Penang Hindu Association

Updated 5 years ago · Published on 06 Nov 2020 10:19PM

Allowing EPF savings withdrawals a bad idea, says NGO
Penang Hindu Association president P. Murugiah says the government should only allow contributors to make withdrawals as a loan and let them repay the amount with interest, as the money ‘only goes back into their savings’. – SAIRIEN NAFIS/The Vibes pic, November 5, 2020

by Arulldas Sinnappan

GEORGE TOWN – Employees Provident Fund contributors should not be able to withdraw their savings under the i-Lestari programme in the Budget 2021, said the Penang Hindu Association today.

Its president, P. Murugiah, said the money in EPF should be reserved for employees’ retirement.

"Allowing them to make withdrawals now is not a wise decision. The government could have looked for other ways to resolve the financial problems of contributors hit by the Covid-19 pandemic.

“I suggest that the government allow contributors to make withdrawals as a loan and let them repay the amount with interest, as the money only goes back into their savings,” he said.

Meanwhile, Consumers Association of Penang president Mohideen Abdul Kadeer said the NGO was supportive of the plan to impose a 10% excise duty tax for e-cigarette, vapes, and tobacco import licences. 

"This is what we have been waiting for the past five years. Many Malaysians spend lots of money for cigarettes, vapes, and e-cigarettes," said Mohideen.

Sahabat Alam Malaysia president Meenakshi Raman said the budget was a response to the current challenges the country faces in a slowing economy and the Covid - 19 pandemic.

She said that the budget gives recognition to the frontliners.

Meenakshi also said that the budget’s allocation of RM20 million to meet sustainable development goals was good in the government’s ongoing efforts to protect the environment – The Vibes, November 6, 2020.

Related News

Malaysia / 1w

Budget 2027: Automatic EPF registration as early as age 18

Malaysia / 2w

Malaysia targets six out of 10 EPF members to hit RM390,000 savings by 2030 – Anwar

Malaysia / 3mth

EPF members withdraw RM19.87 billion from Flexible Account as of May 31

Malaysia / 5mth

EPF records investment income of RM27.7b, up 51 per cent in Q1

Malaysia / 5mth

EPF introduces i-Legasi, iEmas, and retirement goal calculator

Malaysia / 7mth

14,332 company directors barred from traveling overseas due to EPF defaults

Spotlight

Malaysia

Papagomo acquitted for second time in sedition case over government, Israel claims

Malaysia

ECRL fares start at RM60, with 50% discounts for children, seniors and OKU

Malaysia

DKU seeks court action against Ismail, 16 others over Negeri Sembilan royal dispute

By Alfian Z.M. Tahir

Malaysia

Kampung Manis: Dreams of 227 families to own replacement homes draw closer

Malaysia

Fadhlina takes legal action over video of 2023 Parliament speech

By Alfian Z.M. Tahir

Malaysia

Civil servants urged to turn Selangor Sultan’s anti-graft message into action

Malaysia

Animal welfare group urges probe into alleged sexual abuse of cat in viral video

Malaysia

Macron appeals for calm after France riots: 2,400 arrested, nearly 1,000 officers injured

Malaysia

Malaysia renews offer to help Indonesia fight fires

You may be interested

Malaysia

PN faces deregistration after RoS rejects its appeal to retain status

Malaysia

DAP lawmakers’ risk being dropped as party tightens KPI checks ahead of GE16

Malaysia

Civil servants urged to turn Selangor Sultan’s anti-graft message into action

Malaysia

Malaysia offers aircraft, helicopters and 50 personnel to fight Indonesian fires

Malaysia

M40 cost-of-living aid, online safety among key questions in Parliament

Malaysia

UM student defends her position, does not see any need to apologise

Malaysia

MCMC warns cyberbullies, AI disinformation offenders as online safety comes under scrutiny

Malaysia

Property agent loses over RM79k after being scammed twice