THE government will not budge from its position to not allow anymore special withdrawals from the Employees Provident Fund (EPF) even if it presents the opposition with fodder for its campaign in the state elections.

Prime Minister Anwar Ibrahim said he expected his rivals to play up the matter in the polls in six states.

 “EPF withdrawals will be made into a political issue, including in the coming six state polls, but that does not scare us.

“We have made the right decision and we shouldn’t be forced into fulfilling the wishes of some people,” said Anwar, who is also finance minister, at the launch EPF’s new headquarters in Kwasa Damansara, Shah Alam, today.

Anwar said the retirement fund had already allowed several special withdrawals during the Covid-19 pandemic.

The withdrawals were introduced during the time of then prime minister Muhyiddin Yassin in 2020 and continued by his successor Ismail Sabri Yaakob

“Things are different now and Malaysians are allowed to work,” said Anwar

“Some people may have some issues to deal with but withdrawing from the EPF isn’t the only way out,” said Anwar.

Meanwhile, Anwar urged the EPF to increase its domestic direct investment to 70% from 64%. 

He said the fund’s investments should reflect the aspirations of the government for food security and more startups. – May 8, 2023.