EPF DEDUCTION REDUCE.ANY COMMENT??

EPF down from 11% to 8%
> Employees can choose to reduce their EPF contributions to increase their
> disposable income next year.The Government has allowed employees to reduce
> their contributions by three percentage points from 2009 to 2011.
>
> Presently, the employer's EPF contribution is 12% while employees contribute
> 11%.
>
> "With the reduction, the total contribution is still at a reasonable rate of
> 20%, which is 12% from the employer and 8% from employee," said Deputy Prime
> Minister Datuk Seri Najib Tun Razak.
>
> Najib, who is also Finance Minister, said if all contributors chose to
> reduce their contributions, it would come up to RM4.8bil annually.
>
> "Assuming that only 50% of contributors take up the option, private spending
> is expected to go up by RM2.4bil," he said.
>
> "A person earning RM2,000 could gain an extra disposable income of RM60
> monthly, while one earning RM6,000 will have an extra RM180 to spend."
>
> But, some workers' unions felt that savings will be reduced and it will
> affect the people's retirement funds