Government announced that from January 2009 employee contribution for EPF would be reduce to 8%. This, according to some high ranking officer who made the decision is to provide people with more money to spend.
Come on here, is a mere 3% of monthly income saved from EPF would increase the spending power of the middle income group? I think not. Someone who earn RM2000 a month would be getting extra RM2 a day to spend, but if that money is saved it will come to RM720 in just a year and with some interest imagine how much it will come to when that person retired. Think of a person who earn less, or someone with family to support , it is not helping at all. I'm sure those who actually feel different with just 3% of what they earn monthly is doing well enough to pass this crisis and it would be foolish to spend the saving just because your government say you can.
I think the government should focus on how to bring down the price of goods and to avoid inflation. Giving back our money to spend is not the answer. It is a clear sign that the government are helpless and have run out of idea to solve the problem.
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