YOURSAY | ‘The gov’t is indirectly telling us that M’sians are on our own during this time of crisis.’

MTUC slams Muhyiddin's EPF announcement

Muhyiddin should modify EPF withdrawal plan

Patriot1: Honestly, I think the Perikatan Nasional (PN) government does not have a clue on what to do next.

By asking us to withdraw our Employees Provident Fund (EPF) savings, the government is indirectly telling us that Malaysians are on our own during this time of crisis.

How about those who do not have EPF? I have yet to see any affirmative plan by the government to address the oncoming train in the tunnel.

Looking at the present cabinet, I think this is asking too much of them. Just look at our health minister and his recent comments.

Well, it is up to us, the rakyat, to do our part, however small, to fix our broken system. God help us.

Bruclax: Giving the opportunity to EPF members to withdraw their own money is no help.

What is the big deal about spending money that is to be used after retirement? This is just eating into the members’ saving. The impact is we will have less when we need it most.

There will also be an impact on potential future dividends. While this move is not going to help much, the bigger worry is the way this is going to be implemented.

Let this not be a mile of people waiting to make the necessary application. Has the government decided on the mode of operation to implement this?

NNFC: A majority of folks need their EPF for their retirement. Taking out money early has the effect of losing interest on the amount withdrawn every single year until that person retires.

This plan needs a rethink, seriously. The government is trying to fool those people who do not see the whole picture.

A government who has taxable income from corporations and individuals every year should be able to use some of that money to help individuals in need.

Trim the government size perhaps. Do we really need a huge cabinet?

Iphonezours: Digging into one’s EPF saving is definitely going to jeopardise our old age savings. This is more so for the low-income earners who have a small amount of money in EPF.

The government should tap from our reserves, government financial institutions and the government-linked companies (GLCs) to put money into the hands of Malaysians

The priority should be for the B40 (bottom 40 percent) group, daily wage earners and those self-employed.

Lionking: The 1MDB case and the rampant corruption in the country has brought Malaysia to its knees in the wake of the coronavirus (Covid-19) outbreak.

The government is asking the people to withdraw their hard-earned EPF savings to sustain ourselves.

What about all the money that has been stolen by the leaders? Why not pass a law and confiscate the properties of these individuals who stole money from the government?

The billions of ringgit would surely help Malaysians in need during the challenging period that we all are going through now.

Anonymous_e70407cb: Withdraw EPF to spend amidst fear of salary cut, retrenchment or salary freeze in the coming years?

Prime Minister Muhyiddin Yassin, don’t you understand that from all the news reports published over and over again that most Malaysians do not have enough savings for retirement?

Indeed, you can raise billions by expediting the corruption cases in court and throwing the crooks in jail. Unfortunately, what can one expect when the cabinet is filled with…

Malaysia Is Surrealist Art That Can Be Bought: How many currently desperate persons can afford salary deductions once this phase is over?

And I can't imagine the kind of crowd control that is going to be involved with loan applications at banks unless we're talking about online applications.

The EPF deduction scheme is not ideal but it will tide many families over. Perhaps, the quantum should be reduced, six months instead of 12. The scheme can always be reviewed for possible extension after four months.

Love or hate the current government, let's not be overly critical of them in these dire times.

Gerard Lourdesamy: Instead of EPF withdrawals for 12 months, the government should suspend EPF contributions by employers and employees for 12 months to safeguard SMEs (small and medium enterprises), the self-employed and daily wage earners.

The income tax threshold should be increased to RM5,000 for 2020 and 2021. The SST (Sales and Services Tax) should be suspended for the next 12 months. The BSH (Cost of Living Aid) should be increased to RM1,000 for this month and next month.

A similar one-off payment of RM1,000 should be made to farmers, fishermen, smallholders and petty traders. A waiver of import duties on all essential items including food, medicines and healthcare equipment for 12 months.

A pay cut of 25% for all ministers, deputy ministers, MPs and GLCs heads and board members. Corporate tax should be reduced by 2%. Budget consolidation and reduction of the deficit should be deferred to 2023.

The government should pump more money directly into the economy by utilising the reserves or a special dividend from Petronas.

Malaysia Bharu: Withdrawing from our retirement savings and taking a loan are not the same thing. EPF savings were never meant for such emergencies.

At a time of hardship, it is normal to tighten our belt and raise a loan to tide us over the temporary setback. But if we resort to the easy way out, not only we deplete our old age savings, we lose out on dividends and its compounding effect thereafter.

We will be stranded at our weakest moment when we are 55 or 60 years old

Anonymous 2293481434643651: What our PM is doing is asking the rakyat to help themselves financially by withdrawing from their EPF account so that the government will not be burdened.

Smart move but not wise as it is akin to our leaders washing off their hands from genuinely wanting to help the rakyat.

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