The government has a responsibility to protect the people, especially those at risk such as members of the Employees Provident Fund (EPF) who do not have sufficient savings for retirement.
EPF Withdrawals can harm retirement savings
Minister of Economy Rafizi Ramli said that the government does not allow requests to withdraw EPF contributions in a targeted manner. He said that although this demand, if allowed, could be seen as a government program that does not involve government money or effort, it would reduce retirement savings from people’s own contributions.
Rafizi said that when the EPF funds shrink, it will limit the EPF’s ability to diversify and strengthen investment strategies for better returns, affecting other contributors even if they do not withdraw their contributions. Therefore, the government chooses to increase contributions and retirement savings for contributors instead of allowing withdrawals as demanded by some contributors.
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