GEORGE TOWN: Employees Provident Fund (EPF) members want the RM500 contribution to be channelled directly by the government into their pockets instead of their Account 1.
S. Prem, 49, said although the sum was not much, it could have been used to ease the high cost of living by offsetting certain annual payments.
“It is good that the government wants to help us, but it would be good if it can give the RM500 directly to us,” he said.
Prem, who is in the recycling trade, feels that those entitled to the extra RM500 contribution fall into the B40 category, who will be retiring in a few years, and urged the government to empathise more with them.
He said it would also be great if the RM500 in EPF contribution could be continued every year.
During the tabling of Budget 2023, Prime Minister Datuk Seri Anwar Ibrahim announced that EPF members aged between 40 and 54 with savings of less than RM10,000 in their Account 1 would receive RM500.
This will benefit almost two million EPF members involving an allocation of almost RM1bil.
Amir Osman, 46, said the RM500 would be more helpful if it was channelled some other way to ease the living costs of the B40 group.
“They should have added the RM500 into the cash aid for the B40 group. So, if a household in the B40 group is entitled to RM2,500, they could have got RM3,000 instead. That would have been more meaningful,” he said.
In MELAKA, Richard Tham, 53, said there should be another method to help those with less savings in their EPF.
“Anyway, I am thankful for the consideration for those with less savings,” said Tham who quit his job as a technician to become a hawker at age 29.
“Since then, I have not contributed to EPF. I also withdrew some money when I turned 50,” he said.
Abdul Arshad Mahorm, 49, said the RM500 might not be enough to lessen the burden of those with insufficient funds.
“I will be withdrawing part of my savings next year and the additional contribution is timely,” he said.
Abdul Arshad, who quit his job as a hotel waiter in 2000, sells delicacies for a living.
“I am sure my EPF savings is less than RM10,000,” said Abdul Arshad, who hopes to partially withdraw his EPF funds when he turns 50 next year.
“I need extra funds to expand my business,” he said.