KUCHING (June 13): Malaysians should again be allowed to withdraw money from their Employees Provident Fund (EPF) Account 1 savings under the i-Sinar initiative, now that the country is undergoing another round of the Movement Control Order (MCO).
Based on a survey involving several Sarawakians, many Malaysians are now feeling the burden of not having any form of stable income, following the closure or partial-operations of many economic sectors during this period of restriction.
Chris Zafri Hill
“Before Covid-19 struck and various phases of MCO being enforced in the country, I would depend on contract-based assignments and jobs for my daily income. Now, I just do not have any income,” said Chris Zafri Hill, a 39-year-old event management industry player.
He and others like him believed that it would be a good idea for them to be able to withdraw money from their EPF Account 1 again.
Khairul Azhar Sirat
Expressing similar sentiments, food deliveryman Khairul Azhar Sirat said the hardest-hit people were daily-wage earners like him.
“Allowing Malaysians to withdraw money from their EPF Account 1 could be one of the ways to help those really affected by the MCO,” said the 36-year-old.
Then Chen Ping
Then Chen Ping, 38, believed that only those who truly needed the money would withdraw funds from their EPF Account 1 savings.
“I believe many people would think twice before withdrawing money from Account 1, because such savings are meant for their future.
“Thus, I think it is OK if the government could allow Malaysians to withdraw (from EPF) because I believe there are many who really need the money during this time of the MCO,” said the private sector worker.
Desmond Mitchell Hill
For Desmond Mitchell Hill, 41, however, he really hoped that there would be other ways for the government to help Malaysian who did not have any money or have any EPF savings.
“I do, to some extent, agree that Malaysians should be allowed to withdraw money under the i-Sinar initiative.
“However, i-Sinar can only help those who have savings in their EPF Account 1, and not those who are self-employed for many years, like me.
“Many Malaysians who are self-employed cannot look forward to withdraw money from our EPF Account 1, because we have very little or no money in it.
“Thus, I hope that the government could find other solutions to help Malaysians like me, whose livelihood is also affected by Covid-19,” said Desmond.
Norman Shane Nyigor
Another private sector employee, Norman Shane Nyigor, opined that the government should also tackle major issues like unemployment, in order to ensure that more Malaysians would not be entangled in financial difficulties.
“The Department of Statistics Malaysia recorded that in May 2021, the unemployment rate in Malaysia rose from 3.3 per cent in 2019 to 5.9 per cent – the highest we’ve ever faced in three decades,” said Norman, 38.
The i-Sinar is an initiative by the Malaysian government to enable EPF members to withdraw their savings from Account 1.
It is a targeted facility to assist EPF members affected by the Covid-19 pandemic in sustaining their livelihood.
Eligible Malaysians were first allowed to withdraw their savings from Account 1 last year.
Under i-Sinar, EPF contributors are allowed to withdraw up to RM10,000 from their primary pension savings, with a maximum of RM1,000 in monthly withdrawal.
The programme had received positive feedback from the contributors, although some had regarded the move as being ‘controversial’.