KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim again reiterated his stance to not allow more Employees Provident Fund (EPF) withdrawals.
He said that further withdrawals would impact the investments and in turn affect the dividends paid to the contributors.
"We must understand that EPF is for the fund to be used once we retire.
"During the lengthy Movement Control Order (MCO), I also proposed for the withdrawal at the time since people did not have money and jobs.
"Now the situation has changed, 80 to 90 per cent of them have gone back to work.
"If we still allow withdrawal, it will affect the investment opportunities, the dividends will also become lower," he said at Dialog Anak Muda Temu Anwar during Youth Empowerment Fair 2023 at Kuala Lumpur Convention Centre here today.
Instead of allowing withdrawals, he said that the government had opted to contribute RM500 for EPF members who had less than RM10,000 in their accounts.
He also proposed for the EPF to be used as collateral to secure bank loans with low minimal interest rates.
The details are expected to be released by EPF soon.
"But some oppositions said the Prime Minister is stupid for letting poor people take loans," he added.
