COMMENT | Why you should keep your money in EPF

COMMENT | This backdoor government’s shameful sham to reward members of the Employees Provident Fund (EPF) with their own money to get votes is showing some alarming results which will have extremely deleterious effects on members’ retirement savings in the future.

In just two weeks since the latest EPF withdrawal scheme was opened inauspiciously on April Fool’s Day, April 1, many took the bait and succumbed to the government’s temptation, pulled in hook, line and sinker like a fish desperate for food into a situation they should have resisted with all their might.

According to EPF figures, as of April 14, the total amount of withdrawals applied for is an astounding RM40.1 billion, representing 44 percent or 5.3 million out of the 11.95 million members who were eligible to withdraw their savings under the facility.

This is in addition to the RM101 billion which has already been withdrawn since 2020 under earlier Covid 19-related schemes, making total withdrawals at RM141 billion.

If the withdrawal rate continues at this pace...