EPF withdrawal helps people now, not for longer term


Economist Nungsari Ahmad Radhi questions Putrajaya's approval of the RM10,000 special withdrawal, considering the fund is intended to cover the post-retirement living expenses of its contributors. – The Malaysian Insight file pic, April 3, 2022. "It is destroying the EPF as an institution, an institution that has performed admirably,” he said. “Additionally, given the fund's size, this abuse will have an effect on the country's overall financial markets, including the cost of government borrowing," he told Bernama

THE fourth withdrawal of the Employees Provident Fund (EPF) has received a mixed response, with some arguing that the continued use of EPF savings in hard times takes away the very purpose of the fund’s existence, while others argue that emergency use of it should be allowed.

Malaysia’s economy was severely impacted by the coronavirus, with the jobless rate rising to 5.3% in May 2020. The economic impact has subsided subsequently, with the country’s unemployment rate falling to 4.3% in the fourth quarter of 2021, the lowest level since the pandemic struck, as demand for labour increased throughout the recovery.


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Comments


  • Go tell that to the umno court cluster groups

    Posted 4 months ago by Teruna Kelana