The government has announced that it will allow the people to withdraw a further RM10,000 from their Employees Provident Fund (EPF) savings.
In a special press conference today (16 March), Prime Minister Datuk Seri Ismail Sabri Yaakob said it was a “difficult decision” to allow another withdrawal as it involves the people’s old age saving.
However, he said that the government needs to take into consideration the hardship of the people caused by the Covid-19 pandemic.
“This special withdrawal is a middle ground in balancing between today’s urgent needs and future savings.”
“However, based on a comprehensive study during the recovery phase after the pandemic, there were families (within Keluarga Malaysia) who are still affected, be it economically, loss of their income or in the process of rebuilding their lives.”
“At the government, we listened, studied and scrutinised the request from all parties to allow EPF withdrawal. Therefore, today the government has agreed to allow a special EPF withdrawal of RM10,000,” he said.
However, Ismail appealed to contributors to maintain their savings unless they really need the withdrawal.
“Although the government has permitted this special EPF withdrawal, I am appealing to contributors to maintain their savings unless the situation is urgent.”
“I hope contributors will make due consideration before making the withdrawal, for the sake of their future.” he said.
Ismail added that a total of RM101bil was withdrawn by 7.34 million EPF contributors through the i-Lestari, i-Sinar and i-Citra schemes since the Covid-19 pandemic hit Malaysia two years ago.
Following the announcement, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz released a statement that the Finance Ministry will make an announcement on the details for withdrawal in the near future.
“The EPF will also announce the measures needed to overcome the issue of depleting savings of EPF contributors,” he said.