This fourth special withdrawal should be the last - EPF

SHAH ALAM - The Employees Provident Fund (EPF) said the latest special withdrawal initiative of RM10,000 announced by the government on Wednesday, should be the last scheme.

In a statement, it reiterated its concerns around the retirement adequacy of the members and hoped that this would help rebuild retirement savings and will be a precursor towards the rebuilding of retirement savings and reforming the nation’s social security system.

“As the country rebuilds the economy and more people have returned to work, EPF believes that this should be the last withdrawal allowed under the special withdrawal initiative,” it said.

It also noted that this was the fourth special withdrawal scheme after i-Lestari and i-Sinar in 2020 and i-Citra in July last year.

It said the contribution through the three schemes involved a total of RM101 billion since the Covid-19 pandemic hit the country, two years ago.

Starting April 1, members below 55 years old could apply for the special RM10,000 withdrawal.

The payment starts on April 20 while the deadline for the application is on April 30.

Members are allowed to withdraw their savings balance in Account 2 before accessing the savings in Account 1 and they are allowed to withdraw a maximum of RM10,000 and a minimum of RM50.

Earlier today, Prime Minister Datuk Seri Ismail Sabri Yaakob announced the government’s decision to allow EPF contributors to make a special withdrawal of RM10,000.

The decision to allow the special withdrawal was made to help ease the burden of members who were still impacted by the Covid-19 pandemic.