Proposed EPF policy undermines contributors' right to their retirement funds, says SUPP man
KUCHING (Aug 3): The Batu Kitang branch of Sarawak United People's Party (SUPP) has voiced opposition to the proposed move to restrict Employees Provident Fund (EPF) lump sum withdrawals, stating that such a policy would deprive contributors of rightful access to their own savings.
In a statement issued yesterday, the branch's publicity secretary Fang Toung Shyuan acknowledged the government's intent of preventing retirees from misusing their EPF savings and potentially falling into financial hardships.
However, he also stressed about the retirement funds rightfully belonging to the contributors.
'EPF savings are the result of a member's lifelong hard work.
'Once they reach retirement age, the funds belong to them, not the EPF.
'Imposing mandatory restrictions on how these savings can be accessed is unjustified,' he said in the statement.
Fang called upon the government to respect the voices and feedback of EPF contributors, whose funds had been accumulated over many years of employment.
He argued that retirees should not be subjected to a rigid, one-size-fits-all policy, especially when many already had personal retirement plans in place.
'At the very least, members must be free to choose their preferred method of withdrawal,' he said.
Fang also expressed concern over recent declines in EPF investment returns, which he warned could lead to public suspicion that the proposed policy served as a means for the government to shift financial risk to the people.
He noted that some contributors planned to use their EPF savings to start small businesses, invest, support their children's ventures, or to make home purchases.
Furthermore, he cited EPF's data reporting that around 50 per cent of members had less than RM10,000 in their accounts at retirement funds.
'If a monthly disbursement system is enforced, it could mean receiving only a few hundred ringgit per month, which may last just two to three years.'
In this regard, Fang called upon the government to drop the proposed policy, warning that it could cause unnecessary concern and inconvenience to EPF members. epf Fang Toung Shyuan lead lump sum withdrawals SUPP
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