Allow withdrawals from second EPF account in Covid-19 crisis, says Najib

Former prime minister Najib Razak.

PETALING JAYA: Former prime minister Najib Razak has urged the Employees Provident Fund (EPF) to allow contributors to withdraw some of their savings from their second account during the Covid-19 crisis.

He also urged the Perikatan Nasional (PN) government to allow EPF to helm projects that would yield large returns as compensation and in order to recover the savings of older contributors that have been affected.

Najib said PN should also make use of at least RM5 billion from Khazanah Nasional Bhd to pay out additional Cost of Living Aid (BR1M or BSH) this year.

“It makes no sense that the Barisan Nasional government could pay RM2,000 per family and RM600 for singles of BR1M at a time without Covid-19, but today’s government is only paying RM1,200 per family with nothing for singles below 40 when this virus is such a big threat.

“Bigger BR1M payouts this year can also help small businesses and the rural economy which have also been affected,” he said in a Facebook post today.

On the financial aid announced by Prime Minister Muhyiddin Yassin yesterday, Najib said small businesses as well as taxi and e-hailing drivers are not eligible for aid, adding that they should be helped too.

He also said the 2% electricity discount for commercial, industrial, agricultural and domestic users does not really benefit those who are most affected by the crisis.

He said the government should consider cancelling the 2% discount for users with bills above RM400 per month and give more deductions for those whose electricity bills are below RM400.

“Implement a floor price for RON95 and diesel of RM1.50 per litre or at a rate of RM1.80. Businesses won’t lower the prices of goods when oil prices fall so drastically but they will raise prices when oil prices rise again.

“Those who benefit most from low oil prices are those who are well-off.

“All additional taxes collected when the real cost of oil and diesel falls below the floor price can be distributed to help the B40 and small businesses who are affected by Covid-19,” he added.