Think carefully before withdrawing from EPF, says MCA Youth

PETALING JAYA: The public should make due consideration before withdrawing money from their Employees Provident Fund (EPF), says Datuk Nicole Wong Siaw Ting.

The MCA Youth chief said she agreed with the Prime Minister's advice for contributors to make due consideration before making withdrawals.

“This is because this special withdrawal involves their old age savings, the government does not want its citizens to not have enough savings when they are retired and can no longer afford to work." she said

“Contributors who intend to make special withdrawals are advised not to forget there are people who are watching our actions," added Wong

She advised EPF contributors to never expose or talk about their application on social media sites, as they could risk becoming a victim of scammers.

“Those who carry out money fraud scam activities will make EPF contributors their target,” she said in a statement on Thursday (March 17).

Wong also reminded the public to withdraw their savings only when they really need to.

“Avoid wasting money and think carefully before making a decision for your own good,” she said.

On Wednesday (March 16), Prime Minister Datuk Seri Ismail Sabri Yaakob announced that the government will now allow a special EPF withdrawal of RM10,000.

Meanwhile, Wong urged the Finance Ministry to simplify the EPF withdrawal process and not impose too strict conditions on contributors.

“EPF contributors can now breathe a sigh of relief with the decision made by the government as many are still economically affected due to the Covid-19 pandemic over the past two years," she said.

“MCA Youth urges the Finance Ministry and the EPF to facilitate this special withdrawal process and not impose too strict conditions on contributors," added Wong.