Opposition MP calls for review of EPF withdrawal policy

Opposition MP calls for review of EPF withdrawal policy

KUALA LUMPUR: An opposition lawmaker has urged the government to reconsider its targeted withdrawal policy for Employees’ Provident Fund (EPF) Account 3 as he claims some account holders are misusing the funds.

“Many are using it for unnecessary luxury expenses. Clearly, the government’s policy in creating Account 3 is ineffective,” Datuk Wan Saiful Wan Jan (PN-Bukit Gelugor) while debating the Royal Address in parliament on Wednesday (Feb 12).

He suggested that the government should find a better-targeted withdrawal policy.

In contrast to that, Wan Saiful said that some EPF holders who have substantial savings but have legitimate pressing needs are unable to access their funds.

“I am not advocating for unrestricted withdrawals where anyone can take out their fund at will. Retirement savings are crucial. But what about those who cannot even survive today?”

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“I urge the government to review this policy and seriously consider the appeals of thousands who are requesting better targeted withdrawals,” he added.