EPF RM10,000 withdrawal : make this the last

KUALA LUMPUR March 18 - After much hype and fanfare, the much talked RM10,000 Employees Provident Fund (EPF) withdrawal has become a reality.

Like it or not, the i-Citra, i-Sinar and i-Lestari withdrawal schemes have drawn both applause and condemnation, depending on which side the rakyat is on.

The providence provided by the EPF for the rakyat during this difficult time is commendable and the organisation deserves a pat on the back.

But all goods things must come to an end.

In all due honesty, the EPF has done all it can to help the rakyat and is time to pull the plug off this life support.

Why? Well for starters, COVID-19 is at its tail-end.

Admittedly, the cases are still staggering and the death toll keeps on piling up.

But the severity of the pandemic has somewhat tapered off with the emergence of the less lethal Omicron and Delta variants.

Economy gradually recovering

Malaysia's economy is gradually recovering and thus the livelihoods of Malaysians should be getting better.

Bank Negara Malaysia and various economists forecast the economy to grow at between 5 and 6 percent in 2022.

Thus, the need for another round of EPF withdrawal after the RM10,000 payout should be snuffed.

More and more Malaysians finding new jobs

According to the Department of Statistics, less and less Malaysians are losing their jobs.

In the fourth quarter of 2021, the country's unemployment rate stood at 4.5 percent from 4.8 percent in the preceeding quarter.

There are now a total of 645,000 Malaysians who are out of jobs compared to the 1 million jobless at the height of the pandemic.

More and more Malaysians are expected to find new jobs over the next few months and thus there should be no more EPF withdrawals in the future.

100% vaccinated

At the last count, almost 100 percent of Malaysians are vaccinated.

With the exception of the anti-vaxxers and children under 12 who are being jabbed as we speak, Malaysia is relatively shielded from the virus and on the rebound and thus this withdrawal must be the last.

EPF should continue to help the genuine cases

However, there are genuine cases of cash strapped Malaysians out there.

A segment of the rakyat are really, really hit by the pandemic such as the disabled and thus the EPF should help these genuine cases.

Government should replenish these EPF withdrawals

All things being equal, it is incumbent on the government to replenish the rakyat's EPF savings.

By right, the government should use it's own funds to help the rakyat.

It is wrong for the government to ask the rakyat to use their retirement savings to tide over during this difficult time.

But the rakyat understands that times are tough and the government is short of funds.
 

Thus the government should and must repay the rakyat's retirement savings money once the economy recovers just like a father who pays back the money he borrowed from his children.

As for the rakyat, it is time to pick up the pieces and try their best not to withdraw anymore of their EPF savings.

Make the upcoming RM10,000 withdrawal their last as their future retirement plans depend on it. - DagangNews.com