EPF must be more than a fixed deposit, says economist

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Economist Barjoyai Bardai says it is alarming that one third of EPF contributors had emptied their accounts or had just RM100 in savings.PETALING JAYA: An economist has called for an overhaul of the Employees Provident Fund (EPF), saying it must become more than a place to “keep and grow” retirement savings.Barjoyai Bardai of Universiti Tun Abdul Razak told FMT that there was no guarantee now that an employee’s savings would be enough for his or her retirement.He said reports that one third of EPF holders had emptied their accounts were “alarming” and this was why an overhaul was needed.Recently, former EPF CEO Tunku Alizakri Alias revealed that 30% of EPF members had withdrawn almost all their savings, with some only keeping RM100 in their accounts.Barjoyai Bardai.Barjoyai said the move to allow people to withdraw their savings to cope with the Covid-19 pandemic did not help,…