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Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic

In response to the COVID-19 pandemic, Malaysia has implemented various financial relief measures to support those adversely affected by the crisis. These measures primarily target individuals who have experienced job loss or a reduction in wage due to the pandemic. One of the options available to...

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Main Authors: Claudia, Jiton, Dzurizah, Ibrahim
Format: Article
Language:English
Published: RSIS International 2024
Subjects:
H Social Sciences (General)
HD Industries. Land use. Labor
Online Access:http://ir.unimas.my/id/eprint/44785/1/Determinants%20of%20Special%20EPF.pdf
http://ir.unimas.my/id/eprint/44785/
https://rsisinternational.org/journals/ijriss/articles/determinants-of-special-epf-withdrawals-among-malaysian-employees-amidst-the-covid-19-pandemic/
https://dx.doi.org/10.47772/IJRISS.2024.804224
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spelling my.unimas.ir.447852024-09-20T03:10:54Z http://ir.unimas.my/id/eprint/44785/ Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic Claudia, Jiton Dzurizah, Ibrahim H Social Sciences (General) HD Industries. Land use. Labor In response to the COVID-19 pandemic, Malaysia has implemented various financial relief measures to support those adversely affected by the crisis. These measures primarily target individuals who have experienced job loss or a reduction in wage due to the pandemic. One of the options available to individuals was the premature withdrawal from their social security account, specifically the Employees Provident Fund (EPF) account, through various programs such as i-Lestari, i-Sinar, and in 2021, i-Citra, and also "Pengeluaran Khas," in 2022, even though such withdrawals are said to be potentially risky. Conducting a qualitative method by using an in-depth interview, this paper determines the factors associated with employees’ EPF withdrawals during the COVID-19 pandemic in Malaysia. Therefore, this paper identifies the factors of withdrawals and the relationship between characteristics such as financial hardship, precautionary demand for cash, uncertainty over finances, and immediate financial obligations and uses it as a guideline for building a framework to enhance the current social security system in Malaysia and manage future unforeseen crises. Based on the findings, this study proposes a range of policies based on the identified factors of early EPF withdrawals. RSIS International 2024-05-15 Article PeerReviewed text en http://ir.unimas.my/id/eprint/44785/1/Determinants%20of%20Special%20EPF.pdf Claudia, Jiton and Dzurizah, Ibrahim (2024) Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic. INTERNATIONAL JOURNAL OF RESEARCH AND INNOVATION IN SOCIAL SCIENCE (IJRISS), VIII (IV Apr). pp. 1861-1871. ISSN 2454-6186 https://rsisinternational.org/journals/ijriss/articles/determinants-of-special-epf-withdrawals-among-malaysian-employees-amidst-the-covid-19-pandemic/ https://dx.doi.org/10.47772/IJRISS.2024.804224
institution Universiti Malaysia Sarawak
building Centre for Academic Information Services (CAIS)
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaysia Sarawak
content_source UNIMAS Institutional Repository
url_provider http://ir.unimas.my/
language English
topic H Social Sciences (General)
HD Industries. Land use. Labor
spellingShingle H Social Sciences (General)
HD Industries. Land use. Labor
Claudia, Jiton
Dzurizah, Ibrahim
Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic
description In response to the COVID-19 pandemic, Malaysia has implemented various financial relief measures to support those adversely affected by the crisis. These measures primarily target individuals who have experienced job loss or a reduction in wage due to the pandemic. One of the options available to individuals was the premature withdrawal from their social security account, specifically the Employees Provident Fund (EPF) account, through various programs such as i-Lestari, i-Sinar, and in 2021, i-Citra, and also "Pengeluaran Khas," in 2022, even though such withdrawals are said to be potentially risky. Conducting a qualitative method by using an in-depth interview, this paper determines the factors associated with employees’ EPF withdrawals during the COVID-19 pandemic in Malaysia. Therefore, this paper identifies the factors of withdrawals and the relationship between characteristics such as financial hardship, precautionary demand for cash, uncertainty over finances, and immediate financial obligations and uses it as a guideline for building a framework to enhance the current social security system in Malaysia and manage future unforeseen crises. Based on the findings, this study proposes a range of policies based on the identified factors of early EPF withdrawals.
format Article
author Claudia, Jiton
Dzurizah, Ibrahim
author_facet Claudia, Jiton
Dzurizah, Ibrahim
author_sort Claudia, Jiton
title Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic
title_short Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic
title_full Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic
title_fullStr Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic
title_full_unstemmed Determinants of Special EPF Withdrawals among Malaysian Employees Amidst the COVID-19 Pandemic
title_sort determinants of special epf withdrawals among malaysian employees amidst the covid-19 pandemic
publisher RSIS International
publishDate 2024
url http://ir.unimas.my/id/eprint/44785/1/Determinants%20of%20Special%20EPF.pdf
http://ir.unimas.my/id/eprint/44785/
https://rsisinternational.org/journals/ijriss/articles/determinants-of-special-epf-withdrawals-among-malaysian-employees-amidst-the-covid-19-pandemic/
https://dx.doi.org/10.47772/IJRISS.2024.804224
_version_ 1811600377874743296
score 13.211869

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