Serious MALAYSIA ALLOW EPF WITHDRAWAL OF $500 A MONTH FOR 12 MONTHS BECAUSE OF C19. SINGAPORE CPF HOW? MALAYSIA CAN , SINGAPORE CANNOT? DISGRACEFUL!!

[ahleebabasingaporethief]

BTW R$500 PURCHASING POWER IS AROUND SIN$1000.




PETALING JAYA: Employees Provident Fund (EPF) members can apply for the RM500 monthly withdrawal to boost private consumption during the Covid-19 pandemic through the i-Lestari Account 2 Withdrawal Scheme beginning April 1.

In a statement yesterday, EPF chief executive officer Tunku Alizakri Alias said the decision to allow withdrawals from the retirement fund was considered carefully after weighing the well-being of its millions of members and safeguarding their savings.


EPF stated that economists had agreed that the measure announced by Prime Minister Tan Sri Muhyiddin Yassin yesterday to allow EPF members to withdraw up to RM500 each month for a year will help boost private consumption, thus cushioning the impact of the pandemic on the Malaysian economy.

“EPF members may apply for the i-Lestari Account 2 Withdrawal Scheme beginning April 1, 2020. They can expect their savings to be deposited into their bank accounts from May 1, 2020.


“i-Lestari will provide some relief to those financially affected during this period of concern and uncertainty. As a retirement fund, the EPF has to strike a balance between our mandate to safeguard our members’ retirement savings and caring for their well-being,” said Alizakri.

He also said that allowing for the withdrawal would require an amendment to the EPF Act 1991 under Section 54 (6).

“We are placing i-Lestari as our top priority for urgent rollout.

“We have a dedicated email for i-Lestari, [email protected], where our members can send in their queries. These will then be collated and added to our list of FAQs on our website kwsp.gov.my,” said Alizakri, adding that there had been many fake news on the withdrawals.

“It is especially important to practise discretion when reading the news and social media.

“There are a lot of scammers and rumours going around, especially through WhatsApp, Facebook and Twitter. Please know that EPF only communicates to the public via our website and our official social media channels,” said Alizakri.

Muhyiddin had stated that the withdrawal scheme during the economy downturn of the Covid-19 pandemic is expected to benefit more than 12 million EPF members, with a total withdrawal potential of about RM40bil.




Tags / Keywords: Employees Provident Fund , EPF , coronavirus , outbreak , pandemic
I

 

[ahleebabasingaporethief]

OUR CPF ALWAYS VERY BOASTFUL.

NOW IS THE TIME TO WALK YOUR TALK.

ARE YOU GOING TO ALLOW SOME WITHDRAWAL OF OUR OWN MONEY?

SHAMEFUL THAT MALAYSIA CARES MORE ABOUT THEIR OWN CITIZENS THAN THE SINGAPORE PAP?

CCB!

 

[Hypocrite-The]

Not a good idea in ozland

Coronavirus Australia: Funds urge caution, warn of real cost of $20,000 super dip
Treasurer Josh Frydenberg said the access to $20,000 represented about 1 per cent of the $1 trillion sector.
Financially stressed workers to be able to take $20,000 from super
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Hostplus chief executive David Elia said the $54 billion fund supports the government's policy but would like more clarity around who is eligible. "We have to be careful about the design of the scheme to ensure the integrity of the scheme is not compromised and genuinely directed to those that are experiencing financial hardship," he said.

MLC Wealth chief executive Geoff Lloyd reiterated the call for early withdrawal of super to be seen as a "last resort" but said young people have time on their side when it comes to mitigating losses. "Those younger people, even if they’re eligible and do take a withdrawal, they then have another 40 years to still rebuild," Mr Lloyd said. But campaign director at grassroots activism group Young Campaigns, Cat Nadel, said young people typically work in low-paid, casualised industries, often with multiple low-balance accounts that are racking up fees, and believed this pool of capital should not be touched.

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Australian Institute of Superannuation Trustees CEO Eva Scheerlinck said young people should be mindful of the impact of their choices today.
Australian Institute of Superannuation Trustees CEO Eva Scheerlinck said young people should be mindful of the impact of their choices today. CREDIT: STEVEN PAM
"Young people shouldn’t be asked to choose between a secure future or surviving the present crisis. The government can and should support us to have both," Ms Nadel said.

Recent figures show around a third of MySuper funds use a "life-cycle" investment strategy, meaning the fund progressively scales down the investment's risk profile as you age. Young people are more exposed to higher-risk assets, like shares, meaning if they draw down on their super balance during the market's bottom, they lock in losses that become much harder to claw back.

The group is calling on governments to extend the coronavirus supplement to students on youth allowance, freeze rental obligations and deliver a jobs guarantee for essential services rather than promote early access to super.

Mr Lloyd said funds should not be over-exposed to the share market and early in the year, MLC began moving to cash in anticipation of a correction. He reminded investors the losses would not be as dramatic as the near 40 per cent decline seen in the markets.

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'Inevitable': Coronavirus will force older Australians to delay retirement
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"Equities is only one element of the overall asset allocation. Many funds, I would hope, certainly MLC, have gone into this correction in a very defensive position. We were very cautious about how overheated markets were. Our asset allocation was very conservative," he said.

General manager of superannuation for BT Super, Melinda Howes, said Westpac had been in regular dialogue with the government and early access should be reserved for those doing it tough.

"The policy is primarily designed to help people survive a period of hardship, not to stimulate the economy," Ms Howes said. "We expect only those that experience genuine hardship will take up the policy, and we encourage people not to tap into their superannuation unless absolutely necessary."

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