Finance minister: EPF not solution to challenges, retirement savings important | Malay Mail

KUALA LUMPUR, Jan 2 — The Employees Provident Fund should not be seen as a solution or a way to overcome challenges as this will affect the retirement savings of contributors, especially when Malaysia is expected to hit aging nation status by 2030, said Minister of Finance Datuk Seri Tengku Zafrul Abdul Aziz.

“They are going to need higher savings to support themselves after retirement,” he said in a Facebook posting today. The finance minister stressed that EPF savings are meant to help contributors when they have retired, and noted that the government has provided various initiatives to help flood and Covid-19 victims.

Apart from that, the government has also provided various financial aid initiatives to help the people, such as the RM10 billion Bantuan Prihatin Rakyat to help the lower income groups of B40 and M40, Covid-19 Special Aid , and the Loss of Income Aid which have benefitted 11 million recipients.

How come it was okay previously for contributors to raid their own EPF savings but it's not okay now? Did somebody make a policy mistake previously?

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