epf, epf members, epf withdrawals, ismail sabri

This applies to EPF members aged below 55, who remain financially impacted by the pandemic. Payments begin on 20 April 2022.

Members of Malaysia's Employees Provident Fund (EPF), who remain financially impacted by the pandemic, will soon be allowed to make a special withdrawal of up to RM10,000 from their accounts. 

This was announced by Prime Minister Datuk Seri Ismail Sabri Yaakob on Wednesday (16 March 2022), who noted that many families are still economically affected by the pandemic, recovering from a loss of income, and continuing to rebuild their lives.

He added: "This is a difficult decision as it involves people’s old age savings and this special withdrawal is a middle ground in balancing between today’s urgent needs and future savings.

Although the Government has given permission for this special EPF withdrawal, I appeal to contributors to maintain their savings unless the situation is really urgent. I hope the contributors make due consideration before making a withdrawal, for the sake of the future."

Following this announcement, the EPF said applications for the special withdrawal facility will be opened to members below age 55 starting 1 April 2022 and ending on 30 April 2022, while payment will start on 20 April 2022.

Members will be allowed to withdraw a minimum of RM50 and a maximum amount of RM10,000, and "must fully utilise their savings balance in Account 2 first before accessing their Account 1."

More details on this will be shared soon.

According to EPF, this will be the fourth withdrawal after i-Lestari and i-Sinar in 2020 and i-Citra in July 2021, to meet the urgent cash flow needs of members during the periods of the movement control orders and the subsequent economic slowdown. As of end-2021, a total of RM101bn had been withdrawn under the first three facilities.

Photo / 123RF

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