Bank Employee Union Malaysia (NUBE) has urged the government to return or repay the Employees Provident Fund (EPF) money withdrawn by B40 and M40 contributors through i-Lestari, i-Sinar and i-Citra for the sake of their retirement protection.
"The EPF's investment assets, which increased to RM1.02 trillion at the end of last year, declined to RM989 billion in June this year." NUBE Secretary-General, J Solomon has said. “The government caused the decline in the retirement savings of B40 and M40 contributors through its stimulus package, so it is only appropriate for the government to repay those savings by returning the money spent."
He said about 6.1 million EPF contributors now only have savings of less than RM10,000 and of that amount, 3.6 million have less than RM1,000 which will cause them to face financial problems and not be covered when they retire.
With the current economy crisis and the rising inflation concerns, Malaysians cannot afford to have low savings in their account. What will the government do to resolve this problem?
Source: Berita Harian
