'Too many withdrawals have been made, to the point that many individuals have almost nothing left for their retirement' theSun theSundaily EPF retirement RetirementPlanning savings Finances
Kuperan said employers can use the increase in EPF contributions to claim tax deductions. – Unrelated filepicAny proposal to increase the employer’s share of Employees Provident Fund contributions should not be implemented as it will increase the cost of doing business, said Malaysian Employers Federation president Datuk Dr Syed Hussain Syed Husman.
Syed Hussain added that many MSME have either shut down or are going to do so as operating costs were too high and profit margins were getting smaller and while large companies may not have such huge issues, MSME face them daily. “The government must look at other ways it can contribute to the people’s retirement savings. The bigger issue is how to reduce people’s hardship, which has forced them to use their retirement savings to cover living expenses.
He also said an increase of 7% in the employer’s share of EPF contributions will cause cash flow problems, especially for MSME.
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