EPF warns massive withdrawal will affect country’s markets | Malay Mail

KUALA LUMPUR, Dec 28 — The Employees Provident Fund has warned that any erosion of trust towards the agency might cause a massive withdrawal that will negatively impact capital markets in the country, after noting that more than RM270 billion in savings can be withdrawn at any time by its members who have reached above age 55 or 60, or those who have more than RM1 million in their account.

“The unprecedented scale and impact of the Covid-19 pandemic and recent natural disasters have pushed the country’s current social protection to its limits, and the approach of using EPF savings for emergency needs will certainly cause a severe impact as members face very low savings in their retirement years, compounded by other uncertainties such as rising healthcare costs,” it said in a statement today.

“While the withdrawal initiatives provided some financial relief to members during the pandemic and various MCOs, the withdrawals have inevitably led to 6.1 million members now having less than RM10,000 in their EPF accounts, of which 3.6 million have less than RM1,000, levels at which members are not able to guarantee their retirement,” said EPF.

Nak jadi Kumpulan Wang Simpanan Penyamun kut. Whom do you serve? The workers or the politicians. I don't think the politicians contribute any of their income to KWSP.

Another thing is... epf is using ppl money to stabilized malaysian market and again benefiting rich ppl who into the market n invested. Again.. common ppl just got none..

Will those affected care about the market? Only those who has more than 500k will be waiting for the dividends. In fact the KWSPMalaysia system should be reset. EPF should pay more dividend to those earning less. Any saving above RM1 mill should only get 2.5% as per the act.

Kejayaan kan.

Sigh.. What can rakyat do.. U politicians.. Did nothing.. Did u expect rakyat to borrow from illegal.. Lenders..

Withdraw now before the corrupted politicians and govt embezzled your monies.

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