EPF refutes cash crisis allegation
The Employees Provident Fund refutes speculations of an impending cash crisis as well as an amendment to the EPF Act 1991 to prevent retirees from withdrawing their savings. – The Malaysian Insight file pic, April 12, 2023.
It said the sale and purchase of overseas assets are a normal part of the EPF’s investment operations, stressing that the move was not for the payment of premature withdrawals. The EPF issued a statement to refute the speculations circulating via WhatsApp that referred to an article titled “Bank Negara says Malaysians could run out of savings 19 years too soon” published by an international daily on April 7.
“The report further states that average Malaysians would be at risk of depleting their retirement savings 19 years before death, with global life expectancy rising to above 77 years old by 2050,” it said.
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