The Consumers Association has requested that the government implement EPF withdrawals in order to prevent people from borrowing through Shark Loan!
To avoid the people from borrowing from the Shark Loan, the Federation of Consumer Associations of Malaysia urged the federal government to allow the public to withdraw money from the provident fund.
According to a statement from the Chairman of the Federation of Malaysian Consumer Associations (FOMCA), rather than allowing the public to borrow money through legal or illegal means, the public could withdraw from the provident fund.
Despite the fact that the government has been reopening the domestic economic activities for nearly a year, there have been several serious floods in various parts of the country in recent months, causing damage to many people’s vehicles and homes, necessitating additional funds to repair cars and replace furniture.
The public has frequently urged the government to reintroduce the provident fund withdrawal scheme, but the administration has consistently refused. The government is worried that consumers withdrawing money now would have an impact on their retirement plans and the local financial industry.
Former Prime Minister Najib urges the government to enable EPF withdrawals before the puasa months of Ramadan and Eid al-Fitr! Lim Guan Eng of the DAP has proposed that the government enable citizens to withdraw at least RM5,000.
In a Facebook post, Anwar stated that while he previously opposed provident fund withdrawals, the government has so far failed to assist flood victims that he has changed his mind and asked for quick approval of provident fund withdrawals. During his campaign for the Johor state election, Anwar received numerous complaints from the general public.
Despite the fact that the administration is under intense pressure from all sides, provident fund withdrawals are unlikely to be reinstated at this time.
