Home TA Online 2016 TA Online Please leave my EPF money alone

Please leave my EPF money alone

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Angry Malaysian hopes the EPF will not meddle with the age threshold when contributors can withdraw their hard-earned retirement savings.

I am unsure why MSN regurgitated on 16 April 2016 old news about the realignment of the EPF full withdrawal age which had appeared in a Bernama report published in Malay Mail on 10 April 2015.

Regardless of the reason for this old news resurfacing, I am quite annoyed and irritated that the EPF asked the government to increase the full withdrawal age to 60 in line with the new retirement age.

Please stop it. Stop it. It was good that the government rejected it before. Hopefully, this topic is dead and will not be brought up again.

Just concentrate on managing our money well so we can get paid stupendous dividend rates; don’t worry about retirement ages.

As it is, if we choose. we can keep our money with EPF upon reaching retirement age and not withdraw the whole lot. The choice is already there; so why make it compulsory?

If I was to be foolish enough to spend all my EPF money at one go, two weeks after withdrawing it, it is my right – nothing for the EPF to lose any sleep over. Many of us can get better returns managing our savings;  we don’t need the EPF to do it past our retirement age of 55.

Malaysia, at present, is not a welfare state in which everyone gets income support from the government based on means testing; so there is no drain on public coffers if EPF contributors withdraw all their money when they retire and spend it all on roti canai and teh tarik.

READ MORE:  Only 3% of EPF contributors have enough retirement savings!

There must be some other criteria of KPIs that EPF is trying to meet with this continual urging to increase the retirement age.

The Malaysian government has legislated laws that restrict many rights – such as freedom of speech,  freedom of assembly, travel to Sarawak, the ability of parliamentarians to give press conferences in Parliament, and freedom to publish books and newspapers.

One of the things that has not yet been restricted in Malaysia is the right to spend our money (subject to the source being legitimate) the way we see fit. Anyone can spend his or her money all at one go – or bit by bit. No law stops us. (Oh, in Malaysia, it is also not a crime for politicians to say bizarre, out-of-the-world and silly things; this is allowed too.)

I am going to reach retirement age in a few years, and I can’t wait to get my grubby hands on my hard- earned EPF savings. Please don’t move the goal post.

Angry Malaysian is the pseudonym of an Aliran reader who is always angry because the bright future of Malaysia has been eroded by incompetence, nepotism, apathy, laziness, racism, double standards and arrogance.

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