PETALING JAYA: For some Malaysians, Ramadan this year is not just about fasting and preparation for Hari Raya Aidilfitri, it is also about making hard financial choices.
A sudden loss of income and limited savings have led many to dip into Account 3 of their Employees Provident Fund (EPF), with the flexible account becoming a crucial buffer ahead of the festive season.
Former private sector employee Muhammad Zikry Marzuki, 27, said he never imagined having to rely on his retirement savings at such a young age. Still single and not one for extravagant spending, he decided to withdraw a small amount to cope with rising costs.
“Even simple things like meat and chicken for the coming Hari Raya are expensive now. On top of that, clothing for the celebration would also cost a lot.”
After losing his job early this month, Muhammad Zikry has been trying to gain income by taking on small ventures, including selling festive cookies and “duit raya” packets.
“Some friends advised me to wait for the EPF dividend announcement before making a withdrawal, but I did not give the matter much thought as long as it is a good dividend ahead of Aidilfitri.
“I’m also looking for other part-time jobs because I don’t want to depend only on my savings,” said the Muar native who will be returning home for Hari Raya.
Muhammad Syahrizal Zainal, 28, is taking a more cautious approach. He plans to withdraw from Account 3 gradually, depending on what his family needs during Ramadan and in the run-up to Syawal next month.
“I may start with RM200 a week. It’s quite easy because everything can be done online, so I can withdraw before or after the dividend announcement.”
While concerned about the future, Muhammad Syahrizal believes the current situation leaves him with little choice.
“I still have Account 1 and Account 2, so I’m not too worried about long-term savings. Losing my job recently feels like an emergency, and this helps me get through it,” he added, noting that he plans to work temporarily as an e-hailing driver.
However, not everyone is willing to touch their EPF savings.
Siti Hajar Muhammad, 27, has opted to tighten her budget after the recent closure of her company.
“I’m used to setting aside money every month for my expenses, so when Ramadan and Aidilfitri come, I will plan accordingly,” she said.
She is ever willing to forsake having a new “baju raya” as long as her expenses are reasonable.
“If I can still wear last year’s outfit, I’ll just wear that. I’d rather keep my contributions in Account 3 for now, at least until the dividend announcement later.”
