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> MTUC said not right to take 500 from own epf acc

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TSlatipbogiba
post Mar 23 2020, 06:18 PM, updated 5 months ago

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Not right to allow RM500 monthly withdrawal from EPF



PETALING JAYA: The Malaysian Trades Union Congress (MTUC) has criticised Putrajaya’s decision to allow Employees’ Provident Fund (EPF) contributors to withdraw RM500 a month until December, saying it is not the right thing to do.
Such a move, MTUC secretary-general J Solomon said, will result in the loss of annual and compounded dividends in the long term, and deplete an employee’s long-term savings.
Solomon said the government is resorting to asking workers to take money out of their own provident funds meant for old-age savings and spend it at a time when it should inject funds to help those affected by the Covid-19 pandemic.
In other words, he said, it is using the workers’ savings to pump in RM50 billion for the next nine months.

“This is not a morally right thing to do.
“It is a case of having to ‘rob’ from one’s own savings, arising from the failure of the government to protect its people,” he said in a statement.

Earlier today, the government announced that some 12 million Malaysians will be allowed to withdraw RM500 monthly from their EPF Account 2 for the next one year, as part of measures to help the public cope with the financial impact of the Covid-19 restrictions.
The government said it expects total withdrawals of about RM40 billion.

Solomon, however, said the government should instead use its reserve funds to provide interest-free loans of at least RM5,000 each to help EPF members to sustain themselves and their families during the crisis.
He said contributors should be allowed to start repaying through salary deductions once the situation returns to normal.

“The government should have the moral courage to dig into its reserves to pump in this money directly into the pockets of workers without having to compromise their old-age savings,” he said.
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He said most members use their Account 2 to reduce their housing loan repayment to save on their interests. Others also depend on it for their tertiary education and medical needs.
“To ask them to take out their own savings at a time like this is adding salt to an injury,” he said, and urged to government to reconsider the move.

https://www.msn.com/en-my/news/national/not...ocid=spartandhp
jayjaynyc
post Mar 23 2020, 06:19 PM

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then let us take from Najib's and Jho Low's accounts lah. Sure can feed the whole Malaysia.
aus1984
post Mar 23 2020, 06:20 PM

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Malaysian apa kisah. I see at facebook semua happy2.
TheRant
post Mar 23 2020, 06:20 PM

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Better to take it out then to let government use it to "prop" out the economy.
TheRant
post Mar 23 2020, 06:21 PM

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Should give us the option to take out by percentage.
Black Mage
post Mar 23 2020, 06:22 PM

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but now critical time dy... if cannot survive tomorrow what for keep money for future that probably wont arrive sleep.gif
I_buntu
post Mar 23 2020, 06:25 PM

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Its for those who really need it, yg lain gatal nk keluarkan juga tu mmg short term minded.

Moreover, we didn't know how much reserve left for future emergency
smallcrab
post Mar 23 2020, 06:26 PM

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then don't take out lah

apa susah


LamboSama
post Mar 23 2020, 06:33 PM

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Take it out. Scared pyramid scheme
Noyoudontcare
post Mar 23 2020, 06:36 PM

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So where does rm20 bil come from then?
Oil revenue low, sst low...
Stirmling
post Mar 23 2020, 06:37 PM

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Take from Kak Los or 900m account bole? whistling.gif
2.6b mah. laugh.gif
nakal_mode
post Mar 23 2020, 06:38 PM

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Putting free money into people's pocket is not a good way to help people at this time, there is no guarantee that the money will be spent on what matters.

I prefer distributing coupon to B40 group as they are the most affected but there are challenges to distribute it at time like this.
haturaya
post Mar 23 2020, 06:38 PM

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Where's the donation from those billionaire politicians? After siphoning the country dry all theese years. They all silent.
wild_card_my
post Mar 23 2020, 06:38 PM

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QUOTE(I_buntu @ Mar 23 2020, 06:25 PM)
Its for those who really need it, yg lain gatal nk keluarkan juga tu mmg short term minded.

Moreover, we didn't know how much reserve left for future emergency
*

Based on my school of thought, liquidity is the most important aspect in survival.

The money is no good stuck in the account. Those who dont need it should still withdraw the funds and place them in funds that are giving similar yields, namely ASB. And if you are young, not much point in leaving too much money in EPF when you can earn a lot more by buying the discounted shared in the market

This is not a professional advice, just sharing my thoughts on a personal capacity

Yggdrasil
post Mar 23 2020, 06:39 PM

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QUOTE(LamboSama @ Mar 23 2020, 06:33 PM)
Take it out. Scared pyramid scheme
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This. Someone I know immediately pulled out his entire EPF once he is eligible to withdraw all.
He was afraid one day EPF will go bankrupt and would rather forgo the high dividends.
sakuraba
post Mar 23 2020, 06:39 PM

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Up to rakyatlah to withdraw or not at least there an option.
gundamsp01
post Mar 23 2020, 06:41 PM

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this is a move which will bite the country and its ppl later down the road

oh well, malaysians have short sight and lack of holistic view on things, let reality hits them in the face
daus89
post Mar 23 2020, 06:41 PM

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QUOTE(nakal_mode @ Mar 23 2020, 06:38 PM)
Putting free money into people's pocket is not a good way to help people at this time, there is no guarantee that the money will be spent on what matters.

I prefer distributing coupon to B40 group as they are the most affected but there are challenges to distribute it at time like this.
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Technically,its their money,not free
I_buntu
post Mar 23 2020, 06:43 PM

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QUOTE(wild_card_my @ Mar 23 2020, 06:38 PM)
Based on my school of thought, liquidity is the most important aspect in survival.

The money is no good stuck in the account. Those who dont need it should still withdraw the funds and place them in funds that are giving similar yields, namely ASB. And if you are young, not much point in leaving too much money in EPF when you can earn a lot more by buying the discounted shared in the market

This is not a professional advice, just sharing my thoughts on a personal capacity
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I respect your opinion.

But still there is some who seeing this as opportunity to increase money flow to buy unnecessary thing. Well at least they keep economy running.

Not all, but some.
thxxht
post Mar 23 2020, 06:43 PM

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Keyword is allowed, if you have enough savings you won't need to touch it, this is for those that don't have stable income at least something to lean on.

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