Please don’t let go of hard-earned savings easily

INDEED this is an unprecedented time, which is why instead of succumbing to panic-driven policies (such as allowing a huge amount of withdrawal from Employees Provident Fund (EPF) Account 1), we should make careful plans to provide unprecedented assistance to those who really need it, and in a way that prevents wastage by those with poor financial literacy, that may undermine their own future social safety net.

NST reported that Umno Youth chief Datuk Dr Asyraf Wajdi Dusuki and former prime minister Datuk Seri Najib Razak have called on the government to allow EPF contributors to withdraw their savings from Account 1 with a minimum amount of RM5,000 up to a maximum amount of RM10,000 at one go.