Where are plans to replenish EPF savings, asks Tok Mat

Where are plans to replenish EPF savings, asks Tok Mat

He says 46% of EPF contributors under the age of 55 have less than RM10,000 in their savings.

Umno deputy president Mohamad Hasan said the government must ensure effective implementation of plans drawn up under the 2022 budget.
PETALING JAYA:
The lack of focus on plans to replenish the retirement funds of Employees Provident Fund (EPF) contributors in the 2022 budget is “very worrying”, says Umno deputy president Mohamad Hasan.

In a statement, Mohamad, commonly known as Tok Mat, said 46% of EPF members under 55 had less than RM10,000 in savings.

“What will happen to this most affected group when they retire?”

Mohamad said if this issue was not addressed, it would end up being a burden to the government in the long run.

During the pandemic, the government had allowed eight million EPF contributors to withdraw up to RM10,000 each – a total of RM70 billion – from their savings so far this year.

While Mohamad praised the inclusiveness of the budget, especially in terms of the allocations for those affected the most during the pandemic, he said the government must ensure effective implementation of its plans.

The implementation must also be quick, transparent and effective. This, he said, would stimulate the economy and support long-term growth.

Yesterday, finance minister Tengku Zafrul Aziz unveiled a RM332.1 billion budget, in which large sums were set aside for the health and education ministries.

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