KUALA LUMPUR: Many people are against the idea that the government should allow the public to make more Employees Provident Fund (EPF) savings withdrawals, as suggested by some quarters.
A poll conducted on NST Online's Twitter and Instagram accounts earlier this week showed that more than 70 per cent out of the survey's 653 respondents said they did not favour making more withdrawals.
Comprising retirees and non-retirees, the respondents, who were interviewed by the New Sunday Times, said EPF savings should be used only after retirement.
"EPF should maintain its efforts to safeguard the funds.
"One of the reasons that the savings exist is to ensure our ageing nation can retire comfortably," said a tuition teacher, who wanted to be known only as Vijaya, 57.
"Financial sustenance is required once you are in your golden years, what more if we go through another recession," she added.
Although the Cheras resident is eligible to withdraw all her savings, she insisted on retaining the remaining balance for investment due to the fund manager's attractive dividend rate.
"Which is why EPF account holders should just let their savings grow.
"If the situation is dire, the government and EPF should look into approving withdrawals only on a case-by-case basis, such as when people find it hard to pay off their mortgage.
"They must ensure the reasoning for each withdrawal is substantial," said Vijaya, adding that Malaysia could not afford having the older generation being penniless.
Creative director Tan Jit Seng, 54, said: "It does not mean that the financial burden we face today will not recur.
"We need to learn to maintain our discipline to guarantee a comfortable retirement.
"God knows how long I can keep my job.
"I need money when I can no longer work," said Tan, adding that allowing withdrawals during hard times was not a good long-term remedy.
Human resources personnel Khoo Hoong Ern, 31, said the government should look at other ways if it wanted help people facing hardship.
"I can understand the plea for withdrawals during the Movement Control Order when the Covid-19 pandemic crippled the economy because many people had no source of income.
"But it's already post-pandemic. The government has done a good job in continuing cash assistance programmes," said Khoo.
A former civil servant who wanted to be known only as Jamaliah, 62, said distributing more financial help would create a society that relied on "spoon feeding".
"Those who are physically able to work should do so," said the Kedah-born pensioner.
"Looking at financial assistance as the solution is not addressing the issue. We need to look at the financial literacy aspect.
"Withdrawing your savings before retirement is bad because there are many benefits of maintaining it in the long run."
The previous federal administrations under Tan Sri Muhyiddin Yassin and Datuk Seri Ismail Sabri Yaakob had allowed four withdrawals between 2020 and 2022.
On Jan 24, EPF chief strategy officer Nurhisham Hussein said it had missed an opportunity to boost its investment activities due to the combined RM145 billion withdrawals by its members during the pandemic.
The RM145 billion was withdrawn by 8.1 million members via i-Lestari, i-Sinar, i-Citra and a special withdrawal programme.