What alternative aid should the government provide instead of EPF withdrawals?

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Government Should Prioritise Direct Financial Aid and Support Measures Over EPF Withdrawals

The government should focus on providing enhanced direct financial aid and implementing supportive measures for citizens impacted by the Covid-19 pandemic, rather than permitting withdrawals from Employees Provident Fund (EPF) Account 1. This approach aims to safeguard individuals' long-term financial security while addressing immediate economic hardships.
Increased Budgetary Allocations for Direct Aid

For the 2021 Budget, the government should consider increasing allocations for direct assistance to individuals severely affected by the pandemic, particularly those who have experienced income loss or job displacement. The budget's primary focus should be on the welfare of citizens facing the combined challenges of the pandemic and current economic uncertainty. This includes distributing more allowances to those in need and actively addressing the rise in the national unemployment rate.
Extension of Loan Moratorium and Special Grants

In addition to direct handouts, the government should explore extending the existing loan moratorium to provide further relief to struggling individuals. Bank Negara Malaysia could also be prompted to consider the introduction of special grants for debtors, a measure previously implemented during economic downturns. Such initiatives would offer a degree of financial breathing room for families burdened by rent, housing loans, bills, and other financial commitments.
Exploring Alternative Funding Sources for Aid

If current government funds are insufficient to sustain increased aid distribution, alternative funding avenues should be explored. This could involve considering borrowing from international sources, a practice previously undertaken for infrastructure projects but now redirected towards public welfare. Furthermore, the government might consider utilising profits accumulated over many years by its various government-linked companies (GLCs), encouraging them to contribute towards the well-being of the populace.

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What alternative aid should the government provide instead of EPF withdrawals?

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