What do you mean financial assistance? Please don’t cheat us!

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Recently, the Perikatan Nasional government announced some “financial assistance” package in order to “reduce” the burden of our people’s livelihood who are affected following the Movement Control Order (MCO) implementation nationwide which saw all economic activities came to a standstill following the lockdown.

We would like to ask the prime minister Muhyiddin Yassin and his cabinet ministers, what do you mean by financial assistance? Do you know the real definition of financial assistance?

You are now allowing our people to withdraw from their retirement savings in the Employees’ Provident Fund (EPF) for about 12 month beginning from 1st April 2020 next month. This is not financial assistance. This is about taking out our live savings for our retirement to ease our current burdens today. So, how are we going to survive in our retirement age in the aftermath? Then in the end, you will definitely blame us for not having enough for our retirements in the future. Can a higher dividend rate compensate what has been withdrawn in the later year in order to top up what’s left?

Furthermore, the finance ministry has also announced similar packages to affected business owners who had suffered from no business to zero business following the two-week lockdown which may also result to continuous closure to many businesses. Your “financial assistance” package is having lower the requirements for bank loans or extending the loan repayment periods in order to “ease” the burdens of businesses to allow them to get back on their feet? This is also not “financial assistance” as what you have been defining.

Giving and offering business owners with more loans and credit facilities will not ease their burdens in long term, but instead will increase their loan commitments. Already burdened with their current income breakdown following their business stoppage or closure, offering more loans or credit facilities to “assist” them to pick-up the pieces again is not a solution, instead burden them with more loans to repay in future, coupled with interests incurred of which they will have to bear in long term.

In other words, the Perikatan Nasional government is insincere in offering their “financial assistance” because such giveaways are merely draining our people’s income in a slower phase or some may not realise that their incomes will be drained away in long term.

This government is in fact cheating the people by squeezing whatever is left in their savings.

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