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Scale back on EPF withdrawal plan, Wong Chen tells finance minister

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He says EPF may have to sell its assets in a depressed market to raise the RM71 billion needed. FMTNews EPF KWSP Withdrawal

Subang MP Wong Chen said the finance ministry’s proposal on EPF withdrawals was an ‘overkill’ and a ‘super populist move’.

Yesterday, during his winding-up speech in the Dewan Rakyat, Finance Minister Tengku Zafrul Aziz said eight million EPF contributors would be able to withdraw up to RM10,000 each – a total of RM70 billion – in 2021 from their savings. “Allowing the most desperate two million depositors from the B40 and M40 to withdraw their pensions is acceptable as a policy, but to allow a floodgate of withdrawals to eight million depositors, rich and poor, is just grossly irresponsible,” he said.He said if the RM70 billion Tengku Zafrul projected to be withdrawn was correct, then the fund would need to raise an additional RM50 billion to meet the demand.

 

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This is a fundamental point. WongChenPKR why didn't you stand up and be counted during budget vote?

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