Now, ex-PM Ismail urges govt to allow EPF withdrawals

Former prime minister Ismail Sabri Yaakob today joined the chorus urging the government to consider targeted withdrawals from the Employees Provident Fund (EPF). 

He said he recently met with representatives from Pertubuhan Warisan Rakyat Prihatin Malaysia (PWRN) who had told him that many workers were struggling to make ends meet. 

The Bera MP said some had found jobs but were still struggling while others were unemployed but had savings in the EPF. 

Others were declared bankrupt because they lacked the funds to pay their debts, he said. 

Ismail said while EPF savings were meant as retirement funds, they would have no meaning if contributors were bankrupt by then. 

"The desperate need for it is today. Not when they are retired," he said when debating the motion of thanks on the royal address in the Dewan Rakyat.

He said this was why he was joining with PWRN and MPs from Perikatan Nasional such as Arau MP Shahidan Kassim in asking the government to consider the proposal. 

"The government can set its own terms and conditions if it allowed targeted withdrawals," he said. 

Ismail also said that the allocation for the four previous rounds of withdrawls was only a small amount compared to the fund's total assets. 

He said the i-Lestari, i-Sinar, i-Citra and RM10,000 special disbursement involved only RM145 billion and 1.8 million contributors. 

"The biggest impact was probably on the EPF itself, as it uses investments and savings from contributors to run its business," he said. 

"But I believe that these allocations are only a drop in the bucket compared to the total assets under EPF's management which amount to nearly RM1 trillion."