We need to protect people’s retirement savings, says Rafizi

Targeted withdrawals from the Employees Provident Fund have now no longer been allowed a good way to shield retirement financial savings of EPF members, financial system minister Rafizi Ramli stated today.

He stated that despite the fact that focused EPF withdrawals did now no longer contain the authorities cash or efforts, permitting such withdrawals from the EPF might lessen the people`s financial savings for retirement.

He stated the shrinking quantity of financial savings in EPF might restriction the fund`s cappotential to diversify and fortify its funding approach to achieve higher profits, Bernama reported.

“This can have an effect on different members even supposing they do now no longer withdraw their EPF contributions due to the fact if the general go back is low, then different members may also undergo the effect,” he stated in an Instagram video publish today.

Rafizi stated the authorities desired to growth contributions and financial savings for antique age in place of permitting withdrawals as demanded via way of means of a few members, including that the authorities opted for a manner that blessings all events in place of a shortcut with the intention to create issues for destiny leaders to solve.

Rafizi made his remarks in reaction to a walkout staged via way of means of competition MPs on the Dewan Rakyat this morning, whilst a movement to discuss the difficulty of focused EPF withdrawal became rejected.