EPF Account 2 as bank collateral absurd: Union
KUCHING: The Sarawak Bank Employees’ Union has criticised the government’s proposal to allow Employees Provident Fund (EPF) contributors to use their Account 2 savings as collateral for personal bank loans. Describing the government’s proposal as absurd, the union’s chief executive officer Andrew Lo said contributors’ savings were safeguarded from bankruptcy proceedings under the EPF Act. […]
EPF still a hot topic in Parliament
KUALA LUMPUR: As the current parliamentary sitting enters its third week, the Employees Provident Fund (EPF) continues to be a hot topic for debate among MPs, who chimed in with various ideas and opinions about the country’s pension fund. During the Supply Bill 2023 debate session today, Lim Guan Eng (DAP-Bagan) initially expressed his concern […]
PN reiterates call for targeted EPF withdrawals
KUALA LUMPUR: Perikatan Nasional (PN) has once again urged the government to allow targeted withdrawals from the Employees Provident Fund (EPF) through a suitable mechanism. Opposition leader and Larut MP Datuk Seri Hamzah Zainudin said this is to ensure only those truly eligible will be able to make withdrawals. “There are contributors who save in […]
Review EPF rate, annual RM100 increment for private sector
KUCHING: The Union Network International-Malaysia Labour Centre (UNI-MLC) hopes the unity government will consider making it compulsory for the private sector to have a standard annual salary increase of minimum RM100, when tabling the Budget 2023 on Friday (Feb 24). Its vice president Mohamad Ibrahim Hamid said this could ensure that contributors will have enough […]
Call to review length of stay in holy land for haj pilgrims
KUALA LUMPUR: Former prime minister Datuk Seri Ismail Sabri Yaakob has suggested that Lembaga Tabung Haji (TH) review the duration of stay in the holy land for Malaysian haj pilgrims to address the increase in the cost of performing the pilgrimage. He proposed that pilgrims be given four options – 14 days, 21 days, 30 […]
NGOs urge govt to allow EPF emergency withdrawals
PUTRAJAYA: Six non-governmental organisations (NGOs), representing about 320,000 Employees Provident Fund (EPF) contributors who have savings of RM100,000 or more, are calling for the government to allow contributors to make targeted emergency withdrawals immediately. Among the NGOs are Global Human Rights Federation (GHRF), Pertubuhan Gagasan Inovasi Rakyat Malaysia (PGIRM), the Malaysian Muslim Consumers Association (PPIM) […]
Why no more EPF special withdrawals allowed
KUALA LUMPUR: The median savings in the EPF accounts of all Malaysians declined 50 per cent to RM8,100 in 2022 from RM16,600 in the year before the Covid-19 pandemic hit, said Deputy Finance Minister Datuk Seri Ahmad Maslan. More than RM145 billion was withdrawn by 8.1 million individuals during the pandemic under four special withdrawal […]
Total EPF investment assets as of Sept 2022 worth RM961.1 bln
KUALA LUMPUR: The total investment assets of the Employees Provident Fund (EPF) as of September 2022 are worth RM961.1 billion, said Deputy Finance Minister Datuk Seri Ahmad Maslan. He said EPF money is currently invested in a number of instruments such as fixed income instruments as much as 48 per cent, Malaysian listed equities (37 […]
Positive reaction to PM’s EPF remarks
KUCHING: Prime Minister Datuk Seri Anwar Ibrahim’s recent comments on striking a balance between the current needs of Employees Provident Fund (EPF) depositors as well as their future survival received an overall positive reaction from the public. At the same time, however, some felt that a requirement should be in place towards the EPF depositors […]
EPF reaches out to informal workers
SIBU: The Employees Provident Fund (EPF) will launch three trucks in March to expand its outreach programme throughout the state. Sarawak regional manager Halim Boweng said the EPF trucks will be launched in Bintulu first, followed by Kuching and Sibu. The outreach programme is aimed at informal workers who are not a member of EPF. […]
