Additional EPF withdrawals can cause members to retire below poverty line

Finance Minister Tengku Zafrul Tengku Aziz says more EPF members will retire below the poverty line if additional withdrawals of their savings are allowed. – The Malaysian Insight file pic, January 15, 2022.

MORE Employees Provident Fund (EPF) members will retire below the income poverty line if the government allows additional withdrawals of their savings, Finance Minister Tengku Zafrul Tengku Aziz said.

He said this is due to the continuous decline in EPF members’ retirement savings and currently almost half of the members have less than RM10,000 in their accounts.

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