Malaysia Allows Withdrawal Of Their EPF

[Jman888]

8 hours ago, Carbon82 said:

For those of you who have never been so poor till you can't even have 2 proper meal per day (no typo error here, I am saying 2 meal instead of 3 per day), or facing a mounting debt due to family emergency (e.g. medical treatment), it is easy to say allowing early withdrawal defeats the purpose of having CPF / EPF, but to those really in need, it might be even a life saving move.

There is a saying in teochew: bo gao jiak gor ai pak da Direct translation: When you don't even have enough to eat (now), forget about preserving the food for future needs. Preserving food for winter in the olden days is a form of saving, but when the whole village do not even have enough harvest for food during the summer (and people are dying from hunger), how to preserve food for winter?

I wouldn't say I 100% support Malaysian way of allowing early withdrawal (especially when it is from account 1 instead of account 2), but if it does help to tight over this extreme challenging period for some (genuine cases), why not? And for those who took advantage of this opportunity and ended up with lesser amount for their retirement needs, well it is their ultimate choice, and who are we to judge them?

to what i know free meal is quite common, go to any charity group, church, temple, mosque, you can get free meal. Sign up with a charity group they even deliver to your place everyday for 2 meal a day.

[Philipkee]

2 hours ago, Carbon82 said:

For those of you who have never been so poor till you can't even have 2 proper meal per day (no typo error here, I am saying 2 meal instead of 3 per day), or facing a mounting debt due to family emergency (e.g. medical treatment), it is easy to say allowing early withdrawal defeats the purpose of having CPF / EPF, but to those really in need, it might be even a life saving move.

Because there is the impression (rightly or wrongly) that no one starves or go without life saving medical treatment in Singapore.  Let's not talk about the rare chemotherapy or something.  Such cases even if CPF can be withdrawn, it is of little use.

The issue is that in Singapore, when we read of people who fall through the cracks and have power cut, no food etc, it is precisely that.  People fall through the cracks.  When their situation is made known, help comes.  The issue is in other countries, their situation is made known but help is not going to come. Example? The slums in india and maybe homeless in Malaysia.

So yea, that is why I am somewhere in between on whether CPF should be released in this time of pandemic.  Note my suggestion doesnt touch the capital. 

I am not saying there are no poor people in Singapore but if there are people who have no food to eat despite requests for help, perhaps the news should surface this and a debate can be done on this.  With proper data, its easier to debate.  Otherwise we will be at two extremes.  Release CPF or "do you want to eat at food court or restaurant".

My two cents.

[Playtime]

2 hours ago, Carbon82 said:

There is a saying in teochew: bo gao jiak gor ai pak da Direct translation: When you don't even have enough to eat (now), forget about preserving the food for future needs.

Sorry my teochew not good. 

The "gor" to be dried is what?

[RH1667]

24 minutes ago, Playtime said:

Sorry my teochew not good. 

The "gor" to be dried is what?

i think he meant : not enough eat, still want to dry ( direct translation ) 

[Beregond]

3 hours ago, RH1667 said:

Thankfully, i do not need to consider this option yet. 

But, if unfortunately,  when it is required, to make sure my family / myself can survive this crisis, sure.

Paying back what you withdraw from your own CPF and repaying with interest is what is being practice now when CPF is used for housing. 

Or you rather not be able to survive this crisis and just leave your money in CPF for your family ? 

Huh funny lol.

Take own money still need pay ownself interests? 

Is cpf banker or insurance  company selling  saving plan? 😅

[Twister]

1 hour ago, RH1667 said:

i think he meant : not enough eat, still want to dry ( direct translation ) 

不够吃，还要晒干。

😄

[therock]

5 hours ago, Carbon82 said:

For those of you who have never been so poor till you can't even have 2 proper meal per day (no typo error here, I am saying 2 meal instead of 3 per day), or facing a mounting debt due to family emergency (e.g. medical treatment), it is easy to say allowing early withdrawal defeats the purpose of having CPF / EPF, but to those really in need, it might be even a life saving move.

There is a saying in teochew: bo gao jiak gor ai pak da Direct translation: When you don't even have enough to eat (now), forget about preserving the food for future needs. Preserving food for winter in the olden days is a form of saving, but when the whole village do not even have enough harvest for food during the summer (and people are dying from hunger), how to preserve food for winter?

I wouldn't say I 100% support Malaysian way of allowing early withdrawal (especially when it is from account 1 instead of account 2), but if it does help to tight over this extreme challenging period for some (genuine cases), why not? And for those who took advantage of this opportunity and ended up with lesser amount for their retirement needs, well it is their ultimate choice, and who are we to judge them?

Bro I feel you. I used to queue for water and I used to live in rented rooms until I was a young boy. Birthday presents were something you have never heard about... 

I think access to funds when one is pressed is so vital. It could be the difference between life and death. What we need may be more education on how to utilise our money and when we come into a large sum of cash, how we can use it well.

Not every has access to a RM or PB.. 

 

[Throttle2]

On 11/25/2020 at 8:21 AM, Mustank said:

Here is use reserve to help

there is ask people take out their own money to help themselves 

want to push more oa to sa also cannot Liao sian

I am 100% with Malaysia here.

as expressed earlier, i also suggested that we allow for small withdrawals due to the Covid Situation which is definitely a better way than just immediately raid the reserves, not once, not twice....and create moral hazards.  

Well done Malaysia.   Steady! 

[Actan72]

On 11/25/2020 at 1:41 PM, RH1667 said:

Thankfully, i do not need to consider this option yet. 

But, if unfortunately,  when it is required, to make sure my family / myself can survive this crisis, sure.

Paying back what you withdraw from your own CPF and repaying with interest is what is being practice now when CPF is used for housing. 

Or you rather not be able to survive this crisis and just leave your money in CPF for your family ? 

make sense to me.. unfortunately, gov will not allow

[Joe_X123]

 

On 11/24/2020 at 8:58 PM, therock said:

https://www.channelnewsasia.com/news/asia/malaysia-epf-withdrawal-anwar-najib-relieved-prudent-13602184

I read this news with great interest..

We have some Singaporeans clamouring for their early withdrawal of the SG equivalent: CPF.

Now that a neighbouring country which literally took our system and implemented it in their own nation is allowing this, we can see how prudent this will be.

 

The EPF started in MY in 1951, long before SG was independent. Fact check!

Edited February 4, 2021 by Joe_X123