EPF To Allow RM10,000 Withdrawals Under New Scheme

EPF contribution

In a special address today, the Prime Minister of Malaysia, Datuk Seri Ismail Sabri Yaakob announced that the government has seen fit to allow another round of Employees Provident Fund (EPF) withdrawals, as an effort to help Malaysians that are struggling to recover financially in the post-pandemic world.

“The government has been listening and studying calls from many sides for another round of EPF withdrawals,” said Datuk Seri Ismail Sabri Yaakob in the special address.

The idea of another round of EPF withdrawals has been growing in popularity among Malaysians in recent times, as many of them have been facing financial difficulties and need a quick fix to help them recover.

Among the leading voices urging the government to allow another round of withdrawals is from the former Prime Minister Datuk Seri Najib Razak, who raised the issue in a parliamentary debate earlier this month.

Even the opposition leader, Datuk Seri Anwar Ibrahim, who was previously against the move, called for the government to let EPF contributors withdraw their money.

In the same address, Datuk Seri Ismail Sabri Yaakob also said that details on the new round of withdrawals will be released by the Ministry of Finance and EPF soon.

Here are some details shared by EPF’s Twitter on the new withdrawal scheme;

  • Open for any EPF member below the age of 55
  • Applications are available from 1st April 2022 – 30 April 2022 online
  • Payments will be made into your accounts starting from 20th April 2022
  • Withdrawal amount allowed is RM50 – RM10,000
  • Withdrawal depends on the amount available in your EPF Account 2. If there is not enough funds in your Account 2, then the funds in your Account 1 will be accessed.

Read More:
EPF Posts Stronger Performance Amid Economic Rebound, Focuses On Rebuilding Members’ Savings
Withdrawing Your EPF Savings Early? Here’s What You Need To Know

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