Tuesday, 17 January 2017

(The Star) EPF: Savings are only to fund members’ retirement

PETALING JAYA: Employees Pro­vi­dent Fund (EPF) savings should be used to finance a member’s post-retirement needs, the retirement fund has reiterated.
It said pre-retirement withdrawal facilities were introduced to cover basic needs such as buying a house, paying for medical costs and for education.
It said the computer purchase withdrawal scheme introduced in 2001 was discontinued the following year due to cases of abuse.
“The EPF would like to stress that EPF savings are to fund members’ retirement,” its corporate affairs department said in a statement yesterday.
This was in response to a report quoting Deputy Finance Minister Datuk Lee Chee Leong as saying that a proposal to resume EPF withdrawals for computer purchases under Account Two would be discussed by the ministry.
Lee was reported to have said that the re-introduction of the scheme would benefit the people.
The fund said it had not received any proposal to “reactivate” the withdrawal facility.
“As of now, there is no change to the current types of EPF withdrawal,” it said.
Several computer retail outlets are, however, backing such a proposal.
SNS Network PJ Solutions showroom manager Soh Yow Ting said computers “are a good investment”.
“It is a good idea. If people say computers are cheap, maybe they can use their savings to buy.
“If they withdraw from their EPF savings, it is the same. A computer is always a good investment,” said Soh.
iStore by C-Zone senior salesman Cheah Kar Fai said computers were a necessity.

“I think personally if I am given the option to utilise the scheme to get a computer, I would. This scheme will make it easier for people to own computers,” he added.