I read with dismay the Employees' Provident Fund proposal to discontinue withdrawals up to one-third of accumulated contributions at age 50, and the lump sum withdrawal upon retirement at age 55.

The board should understand that they are the custodian of workers' monthly contributions. Once a person has reached retirement age, they should be wise enough to spend their hard earned monies to the best of their abilities, having spent three-quarters of their lives eking a living.

If the EPF board invest wisely the billions entrusted to them, rather than in risky business ventures, the board would at least have a moral high ground to dictate to the contributors on how they should spend their pension money.

The public cannot help but think that there is a hidden agenda. Changing these policies midway suggests that there is more than meet the eye.