{"id":13025,"date":"2022-01-15T16:56:15","date_gmt":"2022-01-15T08:56:15","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=13025"},"modified":"2022-01-15T16:56:17","modified_gmt":"2022-01-15T08:56:17","slug":"epf-additional-withdrawals-can-cause-members-to-retire-below-poverty-line","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=13025","title":{"rendered":"EPF: Additional withdrawals can cause members to retire below poverty line"},"content":{"rendered":"\n<p>KOTA BHARU, Jan 15 &#8212;&nbsp;More Employees Provident Fund (EPF) members will&nbsp;retire below the Income Poverty Line (PGK) level if the government allows additional withdrawals of their savings, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.<\/p>\n\n\n\n<p>He said this was due to the continuous decline in EPF members\u2019&nbsp;retirement savings and&nbsp;currently almost half of the members had&nbsp;less than RM10,000 in their accounts.<\/p>\n\n\n\n<p><em>\u201cOf this total, 55 percent are Bumiputera. More worryingly, over\u00a079 percent of the members (who have savings) of less than RM1,000 are also Bumiputera.&#8221;<\/em><\/p>\n\n\n\n<p><em>\u201cSo if additional withdrawals\u00a0are\u00a0allowed, this will result in more members to retire below the PGK poverty line causing the Malaysian family to bear a huge burden in the future,\u00a0especially if a\u00a0recession occurs,\u201d<\/em>\u00a0he told reporters after visiting the Kelantan Urban Transformation Centre\u00a0(UTC).<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png\" alt=\"withdrawals\" class=\"wp-image-13026\" width=\"493\" height=\"265\" srcset=\"https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png 590w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35-300x162.png 300w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35-186x100.png 186w, https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35-350x189.png 350w\" sizes=\"auto, (max-width: 493px) 100vw, 493px\" \/><\/figure><\/div>\n\n\n\n<p>He said this when asked to comment on a study by UMNO Youth which found that more than 97 percent of members want the government to approve the one-off withdrawal of EPF i-Citra savings of RM10,000.<\/p>\n\n\n\n<p>Commenting further, Tengku Zafrul said every decision made by the government must take into account&nbsp;the interests of the people in the short-and&nbsp;long-term periods.<\/p>\n\n\n\n<p>He also assured that the government will continue to protect the&nbsp;welfare of the people, including the B40 and M40 groups.<\/p>\n\n\n\n<p><em>\u201cUnder the 2022 Budget, more than RM31 billion is earmarked for subsidies, assistance, and incentives to reduce the impact of the rising cost of living.&#8221;<\/em><\/p>\n\n\n\n<p><em>\u201cTo\u00a0ensure\u00a0the welfare\u00a0of the people is\u00a0taken care\u00a0of, (under)\u00a0Bantuan Keluarga Malaysia (BKM), the government has allocated\u00a0RM8.2 billion to be distributed to\u00a09.6 million recipients. This is among the various assistance provided to the people,\u201d<\/em>\u00a0he said.<\/p>\n\n\n\n<p><a href=\"https:\/\/newmalaysiatimes.com\/\">NMT<\/a> as reported by <a href=\"https:\/\/www.bernama.com\/en\/news.php?id=2043662\">Bernama<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>KOTA BHARU, Jan 15 &#8212;&nbsp;More Employees Provident Fund (EPF) members will&nbsp;retire below the Income Poverty&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13026,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[524],"tags":[],"class_list":["post-13025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nation"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png",590,318,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35-150x150.png",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35-300x162.png",300,162,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png",590,318,false],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png",590,318,false],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png",590,318,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png",590,318,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png",590,318,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png",590,318,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2022\/01\/Screen-Shot-2022-01-15-at-16.52.35.png",590,318,false]},"author_info":{"info":["Editor"]},"category_info":"<a href=\"https:\/\/newmalaysiatimes.com\/?cat=524\" rel=\"category\">Nation<\/a>","tag_info":"Nation","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/13025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13025"}],"version-history":[{"count":1,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/13025\/revisions"}],"predecessor-version":[{"id":13027,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/13025\/revisions\/13027"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/13026"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13025"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}