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PETALING JAYA: Former Prime Minister Najib Razak has repeated his call for Putrajaya to allow those in need of cash to dip into their savings from the Employee Provident Fund (EPF).
In a Facebook post, Najib said that several countries, including Australia, Iceland, Spain, the UK, and the US, had allowed or encouraged their citizens to withdraw money from their retirement funds to cope with the economic impact of Covid-19.
“Some have allowed a second withdrawal,” he said.
Najib said most countries had set conditions for the withdrawal of funds, including evidence that they had lost their source of income or that their finances were critical.
He said Malaysia could do the same and reject requests to withdraw money for frivolous reasons.
“In my opinion, a supportive government should focus on finding ways to restore or increase the retirement savings of those who are desperate after the Covid-19 crisis is over, without denying taxpayers’ rights to access their savings. in the time of need.
“A government has enormous power and influence to ensure that the funds for the people generate profits and high returns in the future.”
On the possibility that some taxpayers lied to withdraw funds, Najib said it was better than denying help to those who really need it.
“That is why the terms for the withdrawal need not be too strict or complicated if this withdrawal scheme is approved by the Perikatan Nasional government.”
Earlier, Prime Minister Muhyiddin Yassin said EPF taxpayers would face “bigger problems” in the future if Putrajaya allowed them to withdraw money from their EPF 1 account now, as this money was supposed to be used after retirement.
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