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KUALA LUMPUR: The withdrawal mechanism from Account 1 of the target Employee Provident Fund (EPF) has been described as the best measure to help alleviate the burden of those affected by Covid-19 with regard to household expenses.
The Vice President of the Federation of Consumers Associations of Malaysia (Fomca), Mohd Yusof Abdul Rahman, said the facility is seen as helping to restore the business cycle of affected groups.
“At the same time, the government continues with the withdrawal scheme for the i-Lestari 2 Account, which is expected to end in March next year.
“They (taxpayers) can now withdraw up to RM1,000 from EPF 1 and 2 accounts to relieve them of their financial burden due to the pandemic.”
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz, when he presented the Budget 2021 yesterday announced a withdrawal facility from Account 1 of the Employee Provident Fund (EPF) of RM 500 per month, up to a maximum of RM 6000 during 12 months.
Mohd Yusof also described the 2021 Budget as complete despite the government facing various financial constraints.
“The initiatives envisioned in the budget will not only help reduce the burden on people, but will also revitalize the economy,” he said.
Meanwhile, the Penang Consumers Association (Cap) and Sahabat Alam Malaysia (Sam) in a joint statement today said that the budget could be seen as a response to the challenges faced by the current Covid-19 situation and the economic recession.
Sam’s president, Meenakshi Raman, described the allocation of 400 million ringgit to all states for the protection of biodiversity as a good first step in an effort to protect the country’s biodiversity and forests.
“We hope that with this increased allocation, our rivers will be better protected and we will see fewer water disruptions due to raw water contamination,” he said.
However, Meenakshi said she was a bit disappointed that efforts to address climate change issues were not specifically mentioned.
Cap Chairman Mohideen Abdul Kader welcomed the announcement that the government would freeze the issuance of import licenses for cigarettes and impose a special tax on non-electronic e-cigarette devices and vaping liquids starting in January. 2021.
The Islamic Development Foundation of Malaysia (YaPEIM) hoped that women would take advantage of the 50 million ringgit allocation announced by the government in Budget 2021 to support Islamic funding activities through Ar-Rahnu BizNita and empower women entrepreneurs .
Its acting director, Parihah Hasan, said the initiative could also help improve the group’s socioeconomic status by making gold a stable and reliable means of saving.
“The objective of Ar-Rahnu BizNita is to increase the accessibility of women to financing the Ar Rahnu Micro Credit program as a means of obtaining commercial capital.
“YaPEIM believes that this assignment will not only encourage women to venture into entrepreneurship, but will also help existing women entrepreneurs grow their business,” it said in a statement.Called
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