Former Energy, Science, Technology, Environment and Climate Change Minister and Member of Parliament for Puchong, Yeo Bee Yin, has spoken out against a proposed Employees Provident Fund (EPF) reform, warning the government not to make monthly withdrawals compulsory for retirees.
Let retirees choose
Although the 13th Malaysia Plan (RMK13) only mentioned that the government “will explore” a monthly payout structure, Yeo said it was necessary to voice concern early.
EPF is people’s hard-earned money and the government should let people decide what to do with their savings,” she wrote on Facebook.
What’s being proposed?
Under the RMK13 plan, one of the suggestions is to study a shift from lump-sum EPF withdrawals to a fixed monthly payment model.
The aim is to prevent retirees from depleting their savings too quickly and to ensure longer-term financial stability.
However, it has sparked debate over whether the move should be optional or enforced.
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‘Not children’
Yeo criticised any move toward making such a model mandatory, saying retirees are capable of managing their own finances.
Retirees are no longer children. They don’t need the government to tell them what’s the best use for their savings,” she said.
To reinforce her point, she quoted former US President Bill Clinton: “The era of big government is over.”
