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‘The Era Of Big Gov’t Is Over’ – Yeo Bee Yin Opposes EPF Monthly Payout Scheme
Yeo said it was necessary to voice concern early.
Cover image via WeirdKayaYouTube/PARLIMEN MALAYSIA
Former Energy, Science, Technology, Environment and Climate Change Minister and Member of Parliament for Puchong, Yeo Bee Yin, has spoken out against a proposed Employees Provident Fund (EPF) reform, warning the government not to make monthly withdrawals compulsory for retirees.
Former Energy, Science, Technology, Environment and Climate Change Minister and Member of Parliament for Puchong, Yeo Bee Yin, has spoken out against a proposed Employees Provident Fund (EPF) reform, warning the government not to make monthly withdrawals compulsory for retirees.
Photo via YouTube/PARLIMEN MALAYSIA
Let retirees choose
Although the 13th Malaysia Plan (RMK13) only mentioned that the government “will explore” a monthly payout structure, Yeo said it was necessary to voice concern early.
EPF is people’s hard-earned money and the government should let people decide what to do with their savings,” she wrote on Facebook.
Although the 13th Malaysia Plan (RMK13) only mentioned that the government “will explore” a monthly payout structure, Yeo said it was necessary to voice concern early.
EPF is people’s hard-earned money and the government should let people decide what to do with their savings,” she wrote on Facebook.
Photo by WeirdKaya. For illustration purposes only.
What’s being proposed?
Under the RMK13 plan, one of the suggestions is to study a shift from lump-sum EPF withdrawals to a fixed monthly payment model.
The aim is to prevent retirees from depleting their savings too quickly and to ensure longer-term financial stability.
However, it has sparked debate over whether the move should be optional or enforced.
Read our coverage here:
‘Not children’
Yeo criticised any move toward making such a model mandatory, saying retirees are capable of managing their own finances.
Retirees are no longer children. They don’t need the government to tell them what’s the best use for their savings,” she said.
To reinforce her point, she quoted former US President Bill Clinton: “The era of big government is over.”
Under the RMK13 plan, one of the suggestions is to study a shift from lump-sum EPF withdrawals to a fixed monthly payment model.
The aim is to prevent retirees from depleting their savings too quickly and to ensure longer-term financial stability.
However, it has sparked debate over whether the move should be optional or enforced.
Read our coverage here:
‘Not children’
Yeo criticised any move toward making such a model mandatory, saying retirees are capable of managing their own finances.
Retirees are no longer children. They don’t need the government to tell them what’s the best use for their savings,” she said.
To reinforce her point, she quoted former US President Bill Clinton: “The era of big government is over.”
The ASN savings r falling apart due to mismanagement & ponzy scheme reaching the final stage of the conclusion of deception.
ReplyDeleteThere r now hidden moves to mobilize the vast deposit savings of EPF to prop-up & sustain the daily needs of the B40 melayu.
Bearing in mind that majority of the EPF saving deposits r coming from the Nons contributors!