Stop robbing workers retirement savings

Stop robbing workers retirement savings

PSM condemn any move by the Government to allow laid-off workers to withdraw funds from Account 1 of their Employees’ Provident Fund (EPF). This is absurd.

Account 1 is clearly meant for retirement and one can only withdraw under strict regulations after they have reached 50, 55 or 60. With better health care, most workers EPF will not be enough even after their retirement having most of them finish it in their first few years.

The Government should ensure that these funds are not touched. It is the role of the Government to ensure laid off worker are helped. PSM has already proposed a doable UBI (Universal Basic Income) which will ensure no person who is not earning a living because of the economic crisis due to pandemic will be safeguarded.

Such ideas needs to be explored and implemented rather than taking the little people have for their retirement,

The Parliamentarians should not be short sighted and support such a move. The only person wages which need to cut and cross subsidized are those super rich including our Parliamentarians.

It is time they sacrifice their allowance and take a pay cut.

Allowing withdrawal of EPF Account 1 tantamount to robbing workers of their retirement savings. Such move will be a bad precedent and goes against the noble idea why such scheme existed in the first place.

Why is everyone so eager to put their hands into the retirement funds of the workers when we should focus on how to assist them.

S Arutchelvan is the deputy chairperson Parti Sosialis Malaysia

The views expressed here are those of the author/contributor and do not necessarily represent the views of The Leaders Online.


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