The number of Malaysians below the poverty line (PGK) will increase if the government allows people to withdraw money from their EPF accounts.
According to Finance Minister Tunku Zafrul, more than half of EPF Board members currently have less than RM10,000 and if the government continues to allow withdrawals from members, the number of members below the poverty line will increase in the future.
Zafrul pointed out that every decision made by the government is based on the short and long-term prospects of the people. The government will not ignore the livelihood issues, instead it will take care of the needy groups, especially the B40 low income group and M40 middle income group through various measures.
In addition, the UMNO Research and Development Bureau conducted an online poll which showed that 97% of the respondents needed to withdraw their money through the i-Citra provident fund scheme for emergency purposes. UMYC ridiculed the EPF Board for not extending the i-Citra withdrawal scheme despite making RM48 billion in the first 9 months of last year.
UMYC suggested that the National Bank could absorb or purchase the financial assets of the CPF so that capital market flows would not affect the EPF.
