Epf Withdrawals Not Viable Solution To Cash Flow Issues Say Analysts


 
Some 6.1 million EPF contributors aged below 55, or 48% of its total members, had savings of less than RM10,000 in their accounts as of December 2021.KUALA LUMPUR: Just RM42 to spend every month for 20 years after retirement.
This is the grim reality awaiting some 6.1 million Employees Provident Fund (EPF) contributors aged below 55, or 48% of its members, who had savings of less than RM10,000 in their accounts as of December 2021.
These statistics were shared by EPF chief executive officer Amir Hamzah Azizan in March last year while commenting on the status of its 12.6 million members’ retirement funds following three special withdrawals, namely i-Lestari, i-Sinar and the latest i-Citra in February 2022.
Analysts say the EPF’s objective of ensuring the economic well-being of the nation’s workforce post-retirement will suffer a setback if fresh requests for another special withdrawal are approved.
They view the repeated EPF withdrawals as not viable to help people cope with the higher cost of living.
Universiti Putra Malaysia’s (UPM) human ecology faculty dean, Fazli Sabri, said the cost of living issue is among the factors compelling people to opt for EPF withdrawals as they see it as easy access to cash.
He said this is why the government should focus on dealing with the rising cost of living comprehensively and take proactive measures to help those who have lost their jobs, as well as petty traders struggling to keep their businesses going.
“The government has to seek comprehensive solutions because the rising cost of goods is not just a local issue but a global one as other countries such the US and the UK as well as European nations are also facing the same issue.
“If (EPF) contributors want to withdraw their savings for this reason (cost of living), we’re worried about the challenges that await them in future. The economic conditions may be even more challenging then, and how are the contributors going to survive with so little savings?” he said.
Fazli said the commitment to addressing the rising cost of living given by the unity government when it came to power is a challenge that it must take up to relieve the financial burden of the people.
To this end, he said, the government must introduce a continuous stream of initiatives to strengthen supply chains and food security to bring down prices.
Recently, a group called Pertubuhan Aktivis Rakyat Malaysia (ProRakyat) urged the government to consider allowing another round of EPF withdrawals of up to RM30,000.
Its president, Khairul Anuar Othman, said the one-off withdrawal of between RM10,000 and RM30,000 is a short-term solution so the people will not run out of cash.
He said some EPF contributors are still reeling from the effects of the Covid-19 pandemic, including those who lost their jobs and others who have outstanding bank loan repayments.
Implications
In response to ProRakyat’s proposal, Prime Minister Anwar Ibrahim said the government will have to consider the plight and the future of EPF contributors before they are allowed another round of special withdrawals.
He said it was better for the government to look for other effective options.
Fazli said allowing a series of EPF withdrawals will have serious implications on contributors after they retire.
“The people must go back to the original purpose of contributing to EPF,” he said. “EPF is a retirement savings fund so it will be problematic for the members if they don’t have enough savings when they retire. How can they expect EPF to help them?” he said.
According to EPF records, 2.6 million contributors had savings of less than RM1,000 as of December 2021, an increase of 86% from the 1.4 million members with savings of less than RM1,000 in April 2020.
Non-cash initiatives
Fazli said the government can also consider implementing non-monetary approaches that will not add more burden to its financial resources.
These include providing employment opportunities to those who had lost their jobs through collaborations with government-linked companies and government-linked investment companies.
Nurul Shahnaz Ahmad Mahdzan of Universiti Malaya’s business and economics faculty said the government should provide more initiatives to empower the gig economy and small and medium enterprise (SME) sector.
“Empowering these two platforms is the right approach to improving the economy of the people of this country.
“The government had previously given them (companies) cash incentives but I feel there’s no need for these. Maybe it can give incentives through tax deductions for companies that create job opportunities,” she said.
Nurul Shahnaz said zakat centres can also play a role here by extending assistance to those from the non-hardcore poor category who have lost their livelihoods.
She is confident that such a move will divert the people’s attention from EPF which “seems to have become their piggy bank”.
“It may also be possible for aid to be given to non-Muslims, for example, in the form of capital for them to start a business,” she said. - FMT


Artikel ini hanyalah simpanan cache dari url asal penulis yang berkebarangkalian sudah terlalu lama atau sudah dibuang :

http://malaysiansmustknowthetruth.blogspot.com/2023/01/epf-withdrawals-not-viable-solution-to.html

Kempen Promosi dan Iklan
Kami memerlukan jasa baik anda untuk menyokong kempen pengiklanan dalam website kami. Serba sedikit anda telah membantu kami untuk mengekalkan servis percuma aggregating ini kepada semua.

Anda juga boleh memberikan sumbangan anda kepada kami dengan menghubungi kami di sini
Pn Will Make Waves In Coming State Polls Say Analysts

Pn Will Make Waves In Coming State Polls Say Analysts

papar berkaitan - pada 18/1/2023 - jumlah : 175 hits
Analysts believe Perikatan Nasional will continue to make waves in the upcoming state elections especially in Malay majority states The coalition won 74 seats in the 15th General Election fuelling talk that the PAS led green wave is gaining...
Rafizi Not Seeing The Whole Picture Say Restaurateurs

Rafizi Not Seeing The Whole Picture Say Restaurateurs

papar berkaitan - pada 24/1/2023 - jumlah : 160 hits
Economic affairs minister Rafizi Ramli has come under fire for saying some restaurant operators have refused to bring down their prices despite the lower cost of raw ingredients PETALING JAYA Rafizi Ramli s criticism over the high cost of f...
Epf Withdrawal Pm Not Keen Salahuddin Says It Warrants Discussion

Epf Withdrawal Pm Not Keen Salahuddin Says It Warrants Discussion

papar berkaitan - pada 17/1/2023 - jumlah : 122 hits
Prime Minister Anwar Ibrahim has dismissed calls for another round of Employees Provident Fund special withdrawals but one of his ministers said it warrants a cabinet discussion Anwar pointed out that it would be better for the government t...
Anwar S Gift To Sabah Sarawak Will Strengthen Govt Say Analysts

Anwar S Gift To Sabah Sarawak Will Strengthen Govt Say Analysts

papar berkaitan - pada 22/1/2023 - jumlah : 171 hits
Anwar Ibrahim Abang Johari Openg and Fadillah Yusof talk to the press following the MA63 meeting in Kuching on Friday PETALING JAYA The increase in the annual special grants for Sarawak and Sabah will help solidify support for Prime Ministe...
Amicable Solution Reached Between Pas Penang Mall Operator For More Private Alcohol Sale

Amicable Solution Reached Between Pas Penang Mall Operator For More Private Alcohol Sale

papar berkaitan - pada 10/1/2023 - jumlah : 208 hits
COULD this be a mild taste of the green wave effect in the offing for Penangites PAS Permatang Pauh under the leadership of its first term MP Muhammad Fawwaz Muhammad Jan who inflicted a shock defeat on incumbent Nurul Izzah Anwar during th...
How To Prevent Windows 10 Mobile Hotspot From Automatically Turning Off If Not Used

How To Prevent Windows 10 Mobile Hotspot From Automatically Turning Off If Not Used

papar berkaitan - pada 7/1/2023 - jumlah : 203 hits
Any computer that took advantage of the upgrade offer is entitled to keep using Windows 10 for free Microsoft will not begin charging a subscription fee for Windows 10 whether you took advantage of the free upgrade offer or Windows 10 came ...
Good Governance Alone Not Enough To Thwart Green Wave

Good Governance Alone Not Enough To Thwart Green Wave

papar berkaitan - pada 9/1/2023 - jumlah : 189 hits
From P RamasamyThe green wave unleashed by Perikatan Nasional components Bersatu and PAS has unsettled Pakatan Harapan to some extent Now with parliamentary elections over the focus is on PH winning the state polls in Penang Selangor and Ne...
Zahid Confident Of Win Win Solution In Sabah

Zahid Confident Of Win Win Solution In Sabah

papar berkaitan - pada 10/1/2023 - jumlah : 131 hits
Umno president Ahmad Zahid Hamidi being greeted by Sabah Umno chief Bung Moktar Radin at Kota Kinabalu airport tonight KOTA KINABALU Umno president Ahmad Zahid Hamidi is confident that Sabah s political turmoil will soon draw to an end afte...
Rasa Masakan Korea Soondubu Jigae Beef Di Dubuyo

China S President To Host Official Dinner For Anwar

I Bought A Toy Like Vape Online Mp Tells Dewan Chamber

Drama One Cent Thief 2 Lakonan Syafiq Kyle Azira Shafinaz

Unlocking Savings Expert Tips For Finding Discounted Cigarettes In Australia

Kips Bay Decorator Show House Dallas 2024 An Exquisite Showcase Of Design

India Secebis Kenangan Di India Random Photos

Anwar Slams Hypocritical Criticism Over His Response To Najib S Apology


echo '';
Biodata Terkini Penyanyi Illa Sabry Peserta Gegar Vaganza 2024 Musim 11 GV11

Info Dan Sinopsis Drama Berepisod Senyawa iQIYI Malaysia

Info Dan Sinopsis Drama Berepisod Project Projek Exit Astro Originals

Pelajari Asal Usul Nama Makhluk Seram Kisah Fiksyen Barat Yang Terkenal

10 Fakta Filem Kahar Kapla High Council Yang Ramai Tak Tahu Prekuel Drama Project Projek High Council


Sayonara Iza Arina

Build A Strong Team For A Startups

Simple Menu Untuk Dinner

Lirik Lagu Pendam Rasa Evanatie

Kolaborasi Skin Hero Mobile Legend X Naruto Spipudden

Filem Babah