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Many politicians and people are calling on the government to allow people to withdraw from their EPF again.
According to UCSI Polling and Research Centre survey, 76% of the respondents agreed that the government should further approve EPF withdrawals.
Of those who agreed that further withdrawals were needed, 66% of respondents said they needed the money to cover their living expenses and 58% said they needed the money as back up while facing uncertainty during epidemic. 28% said they needed to withdraw funds for investments with a higher return than the EPF, 10% said they needed to withdraw funds for leisure.
Of those who disagreed that further withdrawals were needed, 66% were concerned that withdrawals would affect their retirement, while 58% felt that the EPF had a good rate of return. A further 28% were positive about the state of economic recovery and therefore not concerned about the cost of living. 10% felt they did not need the extra money now.
The question of whether members should be allowed to withdraw their EPF savings before the age of 55 has become very polarised. Those in favour of withdrawing would say that the EPF savings are their own money, so why not take it out. Those who disagree with the withdrawal will say that the EPF is to fund their retirement and if they withdraw it now, they will have to wait for the government to “support” them after retirement.