No more EPF withdrawals, says PM

(The Star) – Putrajaya will not change its stance of not allowing more withdrawals from the Employees Provident Fund (EPF) despite six state elections looming around the corner, says Datuk Seri Anwar Ibrahim.

The Prime Minister also said that the government is firm in this stance, even as he is confident that requests for premature EPF withdrawals will be used by some to score political points at the upcoming state polls.

“EPF withdrawals will be made into a political issue, including in the coming six state polls, but it does not scare us.

“We made the right decision and we shouldn’t be forced into fulfilling the wishes of some people,” said Anwar during the launch of EPF’s new headquarters in Kwasa Damansara on Monday (May 8).

Anwar said EPF withdrawals were previously allowed during the Covid-19 pandemic.

“But it is different now and Malaysians are allowed to work.

“Some individuals have some issues to deal with and withdrawing EPF isn’t the only way out,” said Anwar.

Meanwhile, Anwar also urged EPF to increase its domestic direct investment to 70 percent this year.

Anwar said this was necessary to benefit EPF contributors.

“EPF has high investments of up to 64 percent in the country. I’m urging EPF CEO Datuk Seri Amir Hamzah Azizan to raise it up to 70 percent.

“This is for the country and the people,” added Anwar.