Good and mixed reactions for another round of EPF withdrawal

Some agreed with the move as it could help ease the burden of families who are impacted by the Covid-19 pandemic, while some pointed out the adverse effects of it. – Malay Mail photo

KUCHING (March 18): The recent green light for another round of Employees Provident Fund (EPF) special withdrawal of RM10,000 announced by Prime Minister Datuk Seri Ismail Sabri Yaakob on March 16 has brought relief and some mixed reactions among Malaysians.

Some agreed with the move as it could help ease the burden of families who are impacted by the Covid-19 pandemic, while some pointed out the adverse effects of it.

Sila Robin, 44, who works as a maintenance technician, said it was a wise and timely decision by the government as most are still impacted by the pandemic and are in the midst of rebuilding their lives.

Sila Robin

“Applicants need the money most and times are hard now,” he said and hoped that the RM10,000 could be given at a lump sum at once, instead of by stages.

Andrew Chioh, 56, who is self-employed, opined that the move by the government was merely a short term solution, but one which would lead to depleted savings for retirement.

“We can’t deny the fact that cash flow issues are a major problem for many Malaysians during the pandemic and businesses have been suffering and therefore this withdrawal comes handy at this time,” he said.

Andrew Chioh

“However, as highlighted by the Finance Minister, more EPF contributors would end up retiring below the poverty line if the government allows for more withdrawals,” he noted.

As for Tengku Nur Nabila, 24, who works as a consultant team leader for a company, her question regarding the special withdrawal would be its eligibility and requirements, and on why the sudden nod for the EPF withdrawal.

Tengku Nur Nabila

“I personally hope that only those who are affected and in serious need of cash should consider withdrawing because this may be an opportunity turned disaster if people are rash about it,” said Nur Nabila.

Loh Jo Yee, 26, who works as a video producer, inquired on steps taken by the government on issues arising from the withdrawals, especially on its plan in taking care of the elderly’s financial need, if they are left with nothing after the withdrawal.

Loh Jo Yee

Carmen Soo, 24, who works as a software business analyst, noted that the withdrawal was not the best solution as ‘rakyats’ are not supposed to use their own money to heal the economy.

Carmen Soo

Soo’s hope is for the Malaysian government to do extensive planning to stabilise the economy and specifically target those who withdrew to be given some reimbursement in the forms of incentives, tax relief, or medical benefits in the future.

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