The world of Tzu Chi May 2020 (Vol.122)

Dato’ Chua Tia Guan main source of income, while only 10 percent are able to sustain themselves for more than six months. The precarious financial state of most Malaysians is now compounded by the economic implications brought upon by the Covid-19 pandemic, sending local and international markets into decline and impeding economic growth as the global economy struggles to regain stability. The Malaysian government has introduced an economic stimulus package that offers various categories of financial assistance to ease the financial burden of Malaysians who have been deprived of a source of income or have depleted their savings. For instance, all Employee Provident Fund (EPF) contributors are allowed to withdraw up to RM500 monthly from their second EPF accounts, besides opting to reduce the mandatory employee EPF monthly contribution from the usual 11 percent to 7 percent from March till December 2020 for additional disposable income. Moreover, contributors to the Private Retirement Scheme (PRS) are allowed to withdraw up to RM1,500 between April and December 2020. Applicants of car and mortgage loans are entitled to a six- month moratorium. Although the array of financial assistance initiatives on offer seems tempting, Chua discouraged Malaysians whose incomes have remained unaffected from taking advantage of them in exchange for instant cash. “The EPF and PRS funds should be reserved for retirement and old age. Bank loans are long- term liabilities and repayment is inescapable. Applying for the moratorium may grant short- term liquidity, but outstanding loans ultimately have to be serviced.” Settling for a contented life The current financial situation echoed the dire economic straits of the 2008 global financial crisis, which led to a severe recession. On November 29, 2008, Master Cheng Yen delivered a lecture that emphasized the significance of a life of simplicity, of leading a modest life with a pure heart and minimal possessions and desires, concentrating our energies on pursuing spiritual fulfilment and inner enrichment by honing compassion instead. “We should be mindful of our thoughts and intentions, build our resilience and discipline ourselves in the face of the financial crisis. A solid spiritual foundation is akin to a well-built ship capable of sailing through even the most turbulent of seas,” the Master mused, besides affirming the need for both employers and employees to express their gratitude for one another as both parties are mutually dependent; employees are essential to the survival of businesses, while employees rely on employers for their livelihood. The Master also appealed to all to practise thriftiness, for a frugal, back-to-basics lifestyle sets the heart and mind at peace. TZU CHI 122 25 Marching Forward Hand in Hand