'The promise PN made does not represent assistance from the government and instead puts the contributors’ savings for their retirement at stake.' theSun theSundaily economy elections politics EPF KWSP
Ramon said allowing another EPF withdrawal will put contributors in grave financial danger. – HAFIZ SOHAIMI/theSunEconomists, a financial planner and an NGO representing senior citizens have slammed Perikatan Nasional’s manifesto promise to allow another round of Employees Provident Fund withdrawal if it comes to power after the 15th general election .
Veteran economist Tan Sri Ramon Navaratnam strongly condemned the idea as well. He said it would put Malaysians in grave danger if they continued to use up savings which are meant for their future, especially with the global economic climate being uncertain. Universiti Malaya Business and Economic Faculty deputy dean of research Assoc Prof Datin Dr Izlin Ismail warned that future withdrawals from the EPF would affect contributors and the provident fund.
Izlin emphasised that while the withdrawal may help some people pay off their loans or debts, others put their withdrawals into higher-return investments, which can turn out to be scams. “Look what happened now. Almost RM150 billion has been withdrawn from the three previous withdrawals, leaving thousands with no savings for retirement.”
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