Connect with us


Here’s Why It’s Not A Good Idea To Rely On KWSP Withdrawal Every Time Disaster Hits


Collage 2 3
Source: Sinar Harian & Sinar Harian

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

As the flood had unexpectedly hit parts of the nation since last month, many have cried for help, especially in terms of finance. Just a couple of weeks back, Prime Minister Ismail Sabri had announced that they have no plans to implement another I-Citra withdrawal.

The announcement had received a fair amount of backlash from the people, but here’s why not being able to withdraw more money could actually benefit the people.

According to Prof Madya Dr Ahmed Razman Abdul Latiff, the Vice President of Movement For Monetary Justice Malaysia said that more withdrawals from KWSP will only lead to lesser savings as we are nearing the retirement age.


On average, we live till the age of 75 and if we were to assume the age of 55 as the retirement age, this means we have 20 years left to live as a retiree.

“We need around RM1,000 monthly for essential items. So for 20 years, we need to have RM240,000 in the retirement account to survive. Unfortunately, on average, most of the contributors now can only withdraw RM42 per month based on their accounts,” he revealed.

The issue of another cycle of RM10,000 one-off withdrawal through i-Citra has recently been talked about again following the flood disaster that has wreaked havoc around our country. However, Dr Ahmed also said that not all KWSP contributors can afford to withdraw another amount of RM10,000 as about 6.1 million of them do not even have the amount in their retirement savings. 


At the time being, our Prime Minister refused to greenlight another i-Citra withdrawal as the government had already allocated financial aids to help the flood victims throughout the country. Here’s what the government’s help consist of,

  • RM1,000 for every affected household.
  • RM500 voucher to every affected family for the purchase of electrical devices.
  • Cash voucher of RM1,000 to fix the car affected by the flood.
  • RM5,000 cash to fix the damaged houses which are deemed not serious.

On the other hand, the government will also spend RM15,000 for every house that went through serious damages during the flood. In the meantime, cash amounting to RM2,500 will also be given to buy the necessary items, depending on the necessity and the suitability of the victims.

271158633 454743609351786 2265655598351622984 N

Dr Adilah Azhari, a lecturer from Universiti Utara Malaysia (UUM) also agreed that further i-Citra withdrawals should not be done. She highlighted the source of financial help in the future if the savings in KWSP have been withdrawn before retirement.

“We understand that the flood victims need the money to survive, but if they only have RM1,000 in their KWSP, do we allow them to withdraw even RM500?”

Do you agree that further withdrawal from KWSP should cease? 


Also read: PM: No Plans For More i-Citra Withdrawals, Govt Already Offers Financial Aid For Flood Victims

Flood No Epf I Citra

Source: Sinar Harian
Source: MYKMU.Net
Source: UMNO Online

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Just In

22B0709F 6E64 48Dd 8E9F C00Df75Ce77B 22B0709F 6E64 48Dd 8E9F C00Df75Ce77B
News6 hours ago

JUST IN: Water Disruption Likely To Affect 397 Areas In KL & Selangor On Aug 11

Just over an hour ago, Air Selangor released a statement saying that a water disruption may affect 397 areas in...

E493A694 3F46 4C0C 83Ff Ce3E6C4E7E4B E493A694 3F46 4C0C 83Ff Ce3E6C4E7E4B
News23 hours ago

M’sian Runs Into Mosque During Morning Prayers, Snatches Mic And Tells Them To Keep Quiet

As Malaysia is a melting pot of many different races and religions, it is always important to be tolerant and...

0Bcc6Dc0 A18D 49A2 Ae47 D0331Ebbf8Fb 0Bcc6Dc0 A18D 49A2 Ae47 D0331Ebbf8Fb
News1 day ago

JUST IN: Shorter Working Hours To Be Implemented At Work Starting From Sept 1

According to Sin Chew Daily, Deputy Human Resources Minister, Datuk Awang Hashim has mentioned that the amendments to the Employment...

Collage Thie Collage Thie
News2 days ago

Snatch Thief In Klang Robs Handbag From Woman With A Knife, Then Sets Stolen Escape Car On Fire

We are always told to be aware of our surroundings, especially when we are alone in sketchy places, as these...

Image From Ios 4 Image From Ios 4
News3 days ago

2 Police Officers From Johor Detained For Extorting RM1,000 From Couple Caught In A Car

Although we may not want to believe it, those who are in charge of keeping us safe and taking care...

Collage 17 1 Collage 17 1
News3 days ago

Police Officer Allegedly Smokes in SS15 Restaurant Despite No-Smoking Sign, PDRM Investigates

As the country transitioned into endemicity, most Malaysians are still keeping the pandemic SOPs in mind to curb the spread...

Feat Image Pdrm Denies Troll Feat Image Pdrm Denies Troll
News5 days ago

PDRM Denies Running A ‘Troll Farm’, To Investigate The Allegation By Meta

Yesterday, we reported on Meta Platforms Incorporated’s (Meta) revelation of the existence of a ‘Troll Farm’ on Facebook and Instagram...

9Faa364E 0A42 4346 8796 48588D44F78A 9Faa364E 0A42 4346 8796 48588D44F78A
News6 days ago

Brazilian Man Performs Self-Rhinoplasty, Uses Animal Anesthesia & Superglue To ‘Stitch’ His Wound Up

According to Sin Chew Daily, a Brazilian man allegedly performed a nose job on himself after watching some YouTube videos....


Latest Videos