[UPDATED] Govt firm on no EPF withdrawal despite backlash: Anwar

SG BULOH – Although the issue of Employees Provident Fund (EPF) withdrawals will be used as political ammunition in the state polls, Prime Minister Datuk Seri Anwar Ibrahim has reiterated Putrajaya will not yield in its decision.

In his speech to EPF employees during the launch of its new headquarters in Kwasa Damansara here today, Anwar reiterated his administration’s stance in not allowing for more EPF withdrawals.

He added that previous withdrawals were due to extraordinary circumstances brought on by the Covid-19 pandemic, but the nation has since shown persistent signs of recovering.

“I was a strong proponent of EPF withdrawals during the pandemic, but now the nation’s economy is recovering. Forcing EPF to allow for more withdrawals should not be used as the way out (of economic doldrums and financial difficulties).

“But I’m sure this issue will continue to be used in the coming state elections as political fodder. 

“We (the government) have taken the right stand and will not allow ourselves to be dragged or forced to make decisions simply to satisfy political cravings of a few select people.”

Anwar also reassured EPF employees that he would not abuse his position as the finance minister to meddle in the administration of the fund.

He said his government was serious about fighting corruption, abuse of power and ending hardcore poverty.

“Unlike previous finance ministers in the past, I am not embroiled in any financial scandals. EPF must be run by professionals including its investment panel that must be independent and consist of professionals,” he said.

However, he suggested for EPF to raise its domestic investment level to 70% this year from 64% in 2022. – The Vibes, May 8, 2023