EPF cannot be ‘cash cow’, says Sarawak MTUC in opposing withdrawals

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Reports say EPF will have to liquidate its assets and rebalance its portfolio to make billions available for Account 1 withdrawals.KUCHING: The Sarawak Malaysian Trades Union Congress (MTUC) has cautioned against allowing workers to withdraw money from the Employees Provident Fund (EPF) Account 1.The chapter’s secretary, Andrew Lo, said EPF cannot be a “cash cow” to compensate for the government’s “inadequacy and inability” to assist millions of private sector employees.“We must not sacrifice our retirement savings for immediate gratifications.”However, MTUC’s national deputy president, Mohd Effendy Abdul Ghani, previously welcomed the government’s move to allow withdrawals of RM500 a month for a year.Lo’s comments come in the wake of reports that EPF will have to liquidate its assets and rebalance its portfolio to make billions of ringgit available to contributors in need of …