This disbursement continues to apply to EPF members aged below 55, and will end on 30 April 2022. Prior to this, they were to receive the payment from 20 April 2022 instead.
Starting today (18 April 2022), eligible Malaysians aged 55 and below will be receiving payments of RM10,000 - called the special withdrawal - from their Employees' Provident Fund (EPF), according to Minister for Finance Tengku Zafrul Abdul Aziz. Prior to this, they were to receive the payments from 20 April 2022 (Wednesday) instead.
The disbursement will end on 30 April 2022 (Saturday).
This announcement was made on Minister Zafrul's Facebook via a video message, in which the Minister shared how he had received many messages and comments on his social media asking for the EPF withdrawal be faster. "I hear your voice," he said. "Therefore, after discussing with the EPF, we are pleased to inform that the EPF's special withdrawals will be credited in stages from 18 April 2022 instead of 20 April 2022 as previously announced. I hope this production will cheer up the Aidilfitri celebration, InsyaAllah".
On a side note, the EPF revealed that as 14 April 2022, 8pm, the body has received a total of 5.3mn applications under the special withdrawal facility after it was opened to members on 1 April 2022. The total number of applications is equivalent to RM40.1bn. It also noted that the number of applications received represented 44% out of the 11.95mn members who were eligible to withdraw their savings under the facility.
Breaking the applications down further by wage groups, this represented 55% of eligible B40 members (those earning less than RM1,700), 59% of M40 members (RM1,701 - RM4,900), and 39% of T20 members (earning above RM4,900). "A further 29% of informal members - those who are self-employed or do not have an employer or under any formal employment arrangements - and inactive members - those who have not made any new contributions for more than one year - also applied," the government body added.
As to why Malaysians are seeking for special withdrawal, EPF shared many cited reasons such as reduction in income/wage (24%), assist affected spouse/family members (23%), and increase sources of income (14%); while others mentioned utilisation of proceeds will be for the purpose of supplementing daily/monthly essential expenditure (40%), settling outstanding debts (26%), increasing emergency fund (8%), and assisting affected family members (7%), with the remaining 19% highlighting paying for children’s education, non-essential expenditure, and investment.
Members who have not applied for the special withdrawal can continue to apply through the dedicated portal at pengeluarankhas.kwsp.gov.my. However, the EPF reminds members to consider their long-term income security and only withdraw their savings if it is absolutely necessary, and utilise the money wisely and for appropriate purposes.
Image / Minister Zafrul's Facebook