00:00Former Clang MP Charles Santiago has proposed that the 100 ringgit cash aid announced for all Malaysian adults last month
00:07be channeled instead to 6.3 million Employees Provident Fund contributors who have less than 10,000 ringgit in their accounts.
00:17Santiago, an economist by training, say low wages have forced many Malaysians to dip into their EPF savings before retirement.
00:24He said a targeted injection by Pujajaya would go a long way towards rebuilding Malaysian's retirement fund.
00:32He noted that Singapore's Central Provident Fund system includes employer contributions and regular top-ups by the state, especially for low-income workers and seniors.
00:43Santiago said CPF reflects long-term thinking, not short-term patchwork, praising it as a system that helps people retire without scrabbling to survive.
00:53He added that to make the system stable, there must be regular top-ups from the government or employers and through broader social protection schemes.
01:02In 2023, Prime Minister Anwar Ibrahim said 6.3 million EPF members or 48% of those under the age of 55 had less than 10,000 ringgit in EPF savings.
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