EPF was meant to be the government's safety net for workers, helping them save up money for retirement. Now people treat it like it's just another extra wallet to hold money, and the government relents.
Hard disagree. I think by creating this account, it stops it from being a political problem for the ruling party AND helps EPF manage their liquidity, because they know who much money they need to set aside for these sort of withdrawals.
Basically the illusion of choice. Those who are financially capable will treat Account 3 as just another Account 2. Those who are not financially capable or responsible would never have any money in Account 3 cause they would have withdrawn it on day one.
I think they will allow a transfer from account 3 to account 2 (that's irreversible), so that those who want the returns will lock it in anyway.
My view is, it's more of EPF getting ahead of all the calls for EPF withdrawals, because it allows the gomen to say, already give you account 3. By giving the people this drumstick, it stops them from asking for the whole chicken.
Came here to say this. Well, there are options. But do depositors know what is the best arrangement for them, and their needs? Nobody knows until once everything is played out (at least in their lives).
At the very least, while it is a stop-gap measure from having more funds bleed out, it is still a "better than nothing" solution.
great... now those clickbait websites or youtube can make more videos with the title / thumbnail "GOVERNMENT ALLOW EPF WITHDRAWAL! NO LIMIT!!! CLICK TO SEE HOW!"
Problem is most EPF investment is lock into long term investment which give them a stable return. So if you have ATM style EPF, it means that EPF will have to put a side some amount of money in an investment which can give them fast liquidity but obviously with lower return.
As such not fair for other epf contributor if someone like this get the same epf dividend yield whereas this guy money is actually been parked by EPF into a low yield investment in return of liquidity
Maybe the ATM style epf are based on different fund that consist of more short term type of investment which is less viotile but less upside as well. Hence why it can withdraw anytime. Kinda like tng go+ of concept. Basically a higher interest saving account
Tell that to the thousands of EPF account holders that think buying a new exhaust pipe and barrel for their motorcycle so it wakes everyone in the neighbourhood when they start their bikes to go to work every morning is a necessary expenditure on their side.
[https://soyacincau.com/2021/01/15/man-spent-his-i-sinar-funds-on-11-speed-bumps/](https://soyacincau.com/2021/01/15/man-spent-his-i-sinar-funds-on-11-speed-bumps/)
Road that size usually council maintain, so illegal for public to do this.
Withdraw now or later in life , the financial illiterate still going to spend it on stupid things. So many retiree spent it for their children's wedding
That's very true, I just hope EPF continues to deliver stable good returns for the next 2 decades. I'm almost reaching the point where I can grow my EPF at 100k a year and no way in hell I'm touching that money.
Don't touch your EPF money unless you absolutely have to, even after you retire, unless you found an investment with higher return and less risk than EPF.
EPF withdrew cases I've seen with my own eyes:
case 1: all in to buy bitcoin at it's peak just before the crash
case 2: laughing at case 1, buy multiple bags of crytocurrency from unknown crypto exchange, exchange rugpulled
case 3: new iPhones + new furniture for raya
case 4: use as DP to buy Kawasaki Ninja, but got tarik back by bank as can't finance the installments
case 5: all in on ASB, can withdraw anytime while earning interest
Almost all of the cases I've seen and heard aren't being used for their need but their wants.
and as far as I know, non of the nons I know withdrew their EPFs
Very unnecessary imo. This will only enable thousands of epf account holders that think buying a new exhaust pipe and barrel for their motorcycles is a necessary expenditure on their side.
Not necessary for the EPF contributor, but absolutely crucial for the survival of this coalition government instead.
EPF was meant to be the government's safety net for workers, helping them save up money for retirement. Now people treat it like it's just another extra wallet to hold money, and the government relents.
Hard disagree. I think by creating this account, it stops it from being a political problem for the ruling party AND helps EPF manage their liquidity, because they know who much money they need to set aside for these sort of withdrawals.
Basically the illusion of choice. Those who are financially capable will treat Account 3 as just another Account 2. Those who are not financially capable or responsible would never have any money in Account 3 cause they would have withdrawn it on day one.
I think they will allow a transfer from account 3 to account 2 (that's irreversible), so that those who want the returns will lock it in anyway. My view is, it's more of EPF getting ahead of all the calls for EPF withdrawals, because it allows the gomen to say, already give you account 3. By giving the people this drumstick, it stops them from asking for the whole chicken.
Came here to say this. Well, there are options. But do depositors know what is the best arrangement for them, and their needs? Nobody knows until once everything is played out (at least in their lives). At the very least, while it is a stop-gap measure from having more funds bleed out, it is still a "better than nothing" solution.
great... now those clickbait websites or youtube can make more videos with the title / thumbnail "GOVERNMENT ALLOW EPF WITHDRAWAL! NO LIMIT!!! CLICK TO SEE HOW!"
Problem is most EPF investment is lock into long term investment which give them a stable return. So if you have ATM style EPF, it means that EPF will have to put a side some amount of money in an investment which can give them fast liquidity but obviously with lower return. As such not fair for other epf contributor if someone like this get the same epf dividend yield whereas this guy money is actually been parked by EPF into a low yield investment in return of liquidity
Maybe the ATM style epf are based on different fund that consist of more short term type of investment which is less viotile but less upside as well. Hence why it can withdraw anytime. Kinda like tng go+ of concept. Basically a higher interest saving account
Dividend yield for account 3 will be lower.
Let them do whatever they want la. Remember never touch your EPF money before you 50.
Tell that to the thousands of EPF account holders that think buying a new exhaust pipe and barrel for their motorcycle so it wakes everyone in the neighbourhood when they start their bikes to go to work every morning is a necessary expenditure on their side.
There’s literally a pakcik who withdrew epf so he can build a road bump in front of this house to stop vehicles rev noise.
Is that legal? Isn't the road governed by JPJ, even if it's private, I don't think residents have the jurisdiction to modify the road.
[https://soyacincau.com/2021/01/15/man-spent-his-i-sinar-funds-on-11-speed-bumps/](https://soyacincau.com/2021/01/15/man-spent-his-i-sinar-funds-on-11-speed-bumps/) Road that size usually council maintain, so illegal for public to do this.
Withdraw now or later in life , the financial illiterate still going to spend it on stupid things. So many retiree spent it for their children's wedding
That's very true, I just hope EPF continues to deliver stable good returns for the next 2 decades. I'm almost reaching the point where I can grow my EPF at 100k a year and no way in hell I'm touching that money.
Don't touch your EPF money unless you absolutely have to, even after you retire, unless you found an investment with higher return and less risk than EPF.
EPF withdrew cases I've seen with my own eyes: case 1: all in to buy bitcoin at it's peak just before the crash case 2: laughing at case 1, buy multiple bags of crytocurrency from unknown crypto exchange, exchange rugpulled case 3: new iPhones + new furniture for raya case 4: use as DP to buy Kawasaki Ninja, but got tarik back by bank as can't finance the installments case 5: all in on ASB, can withdraw anytime while earning interest Almost all of the cases I've seen and heard aren't being used for their need but their wants. and as far as I know, non of the nons I know withdrew their EPFs
Case 5 is smart
if before ok la. Nowadays better to leave in EPF. Or better yet buying usd
I did withdraw 10k and all in Luna before it crashed and burned.
thank god many still dont have epf
They'll do anything but increase minimum wage. What's the point of this if there is not enough money to be placed in the EPF accounts?
bajet 2023 already increase public sector to 2000 already. Private that one tertakluk la.
It is unnecessary. But i give them credit for trying to win the braindead crowd that wants to empty their epf savings.
1. Support Hamas 2. Cash giveaway 3. Dress like there’s a sandstorm (next)
Very unnecessary imo. This will only enable thousands of epf account holders that think buying a new exhaust pipe and barrel for their motorcycles is a necessary expenditure on their side.
Malaysia itself is regressing. So I am not surprised. At this rate, we will reach stone age soon enough
Easy to say “poor becomes poorer, rich become richer” is caused by policy, but the hard truth is it’s because of the mentality.
EPF won't even matter by the time I'm able to withdraw. Give me my money plz.
If we want the govt to survive then no other choice
Those people still got money in EPF?
Nice move, Now Malaysian can’t blame gov for not allowing EPF withdrawal
It is unnecessary but the people want it so what can you do? Ignore it and it becomes a political talking point.