'EPF is for retirement not raya', says expert amid netizens calls for special EPF withdrawal

The Employees Provident Fund’s (EPF) contributors are now asking government to allow 100 percent of EPF dividends to be channelled into Account 3, for them to prepare for the upcoming Hari Raya celebrations.

During a recent live broadcast of the Dewan Rakyat sitting, netizens flooded the comment section with calls urging the government to approve a special Aidilfitri withdrawal from their EPF savings.

The demand, however, drew criticism from financial and investment expert Azizul Azli Ahmad, who disagreed with the request, stressing that retirement savings should be preserved for old age rather than used for festive spending

He said, people can still celebrate Aidilfitri as usual even if they do not have much money to spend.

In his Facebook post, Azizul Azli questioned whether people would want to burden their children in old age if they no longer have savings.

“Spend only what we can afford. Use our retirement money to retire, not for raya. We can still celebrate raya within our means.

“If one day we retire with no money, will we make it difficult for our children? Are we willing to work again after retirement?

“We will be more miserable retiring without money than raya without money. Hari raya lasts only a day or two, but retirement without savings could mean struggling for the next 20 years..

“Let’s be simple this raya, guys! I know many people don’t agree. But I’m writing anyway, conveying what is right,” he said.

Before this, EPF CEO, Ahmad Zulqarnain Onn explained EPF dividend for 2025 cannot be credited only to Account 3.

This is based on the existing Employees Provident Fund Act.