tags - Sinar Daily

Deputy Director of Research at KRI, Hawati Abdul Hamid and associate professor at Putra Business School Dr. Ahmed Razman provide their insights on the EPF Special Withdrawal facility and how it impacts the economic outlook for Malaysians.

Malay Bumiputeras comprise the highest number of applicants according to race at 65 per cent, followed by the Chinese at 12 per cent, and the Indians at 7 per cent, while 17 per cent were Sabah and Sarawak Bumiputeras, and non-citizens. (Source: BERNAMA)

Economic expert from Universiti Putra Malaysia (UPM) Putra Business School Associate Professor Dr Ahmed Razman Abdul Latiff said the country’s economic growth is expected to increase by three per cent in the next round of special withdrawals from the EPF, only if contributors spent it on basic needs.

Malaysia should urgently reform its social protection system to ensure the people would not face serious financial hardship in the future, said Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunus. - 123RF Photo

Ideas warns that the government’s recent decision to allow another withdrawal of up to RM10,000 from EPF savings risks leaving even more EPF contributors with insufficient savings once they reach retirement.

Expressing his concern for Malaysia's ageing society, Malaysian Healthy Ageing Society adviser Professor Nathan Vytialingam said retirees will need every penny they could save in order to sustain a healthy lifestyle that can help reduce the risk of falling sick. - Picture credit of Malaysian Healthy Ageing Society

Lack of retirement savings could lead to social crises such as homelessness according to economists. - Picture courtesy of Johor Bahru City Council

Photo for illustration purpose only - Source: 123rf

Wet weather continues to batter Malaysia leaving with many states facing flash floods, displacing thousands and damaging properties in the untold millions. - Bernama Photo

Umno Youth chief Asyraf Wajdi Dusuki (left) along with Prime Minister Ismail Sabri Yaakob (right) sitting together during the party's annual general assembly at the World Trade Centre today. - Bernama Photo