In an interview, Finance Minister pointed out that there are indeed a group of people in the ruling party who are fighting hard for a one-time withdrawal of RM10,000 from EPF and he would rather resign than compromise on a wrong decision.
He said that it is useless for the people to approve the withdrawal from the EPF again, and this will have a negative impact on those groups who have even less savings in their EPF accounts.He revealed that this is not just a matter of EPF withdrawal, but a matter of right and wrong, and there is no reason for the government to compromise.
If the government continues to allow members to withdraw money from their EPF accounts, it will result in a majority of members living below the average poverty line (PGK) after retirement. Approving additional EPF withdrawals will create a vicious cycle and eventually the government will have to impose additional taxes on the next generation to pay for the current withdrawal costs.
He emphasized that the Employees Provident Fund Board was not established to act as a bank, but to ensure that members have sufficient savings for their retirement.
