[UPDATED] Let rakyat withdraw EPF, it’s their money after all: Muhyiddin

KUALA LUMPUR – Tan Sri Muhyiddin Yassin (Pagoh-PN) has pressed the government to allow another round of Employees Provident Fund (EPF) withdrawal, insisting that this is what the public wants to help cushion the impact of inflation.

Addressing the Dewan Rakyat, the former prime minister similarly called on those in power to push banks to allow further loan moratoriums amid the rising cost of living.

“What’s wrong with considering another targeted EPF withdrawal if it is the rakyat’s wish? After all, it’s not the government’s money, but the rakyat’s,” he said today when debating the royal address.

“Similarly, (do so for) loan moratoriums from banks. These institutions continue to record profits events when the country was facing the Covid-19 crisis.

“So, what’s wrong if banks help the rakyat again by doing another targeted moratorium for a certain period to reduce their burden from inflation and overnight policy rate increase? The government doesn’t need to spend a single sen.”

Previously, Prime Minister Datuk Seri Anwar Ibrahim had said that it is better for the government to look for alternative measures to assist those facing financial difficulties, noting that the majority of EPF contributors currently have very small savings. 

He said allowing further withdrawals would affect the future of the contributors themselves. 

Muhyiddin’s administration previously had allowed multiple EPF withdrawals during the height of the Covid-19 pandemic, while his coalition PN had also promised in its election manifesto that another targeted withdrawal would be allowed if it had won the polls. 

Separately, the Bersatu president questioned the government’s inability to address the issue of rising cost of living close to three months after coming to federal power, despite an earlier promise made by Anwar that this would be resolved within weeks. 

“I don’t see yet any concrete and comprehensive measures being taken to combat the rising cost of living. What we hear is ministers advising against eating chickens if the price is high.”

He said what the rakyat instead wants are meaningful measures including policies, initiatives and interventions that could help increase their income, offer them financial aid and ensure that prices of essential goods are sold at reasonable prices. 

He added this is particularly crucial after the pandemic saw those in the lower income bracket continuing to suffer, while many M40 households have also since fallen into the B40 group after income loss. 

Meanwhile, noting how several economic sectors continue to experience financial difficulties due to the global economic slowdown, Muhyiddin proposed that the government provide aid be it in the form of fiscal or non-fiscal measures. – The Vibes, February 15, 2023