EPF ANNOUNCES SPECIAL WITHDRAWAL FACILITY FOR MEMBERS STILL IMPACTED BY PANDEMIC
KUALA LUMPUR, 16 March 2022: Following the announcement by YAB Prime Minister Dato’ Sri Ismail Sabri Yaakob earlier today, the Employees Provident Fund (EPF) will be introducing a special withdrawal facility of RM10,000 for EPF members who remain financially impacted by the pandemic.
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 (MCO) and the subsequent economic slowdown. As of end 2021, a total of RM101 billion had been withdrawn under the first three facilities.
As the country rebuilds the economy and more people have returned to work, the EPF believes that this should be the last facility allowed under the special withdrawal initiative. The EPF would like to reiterate its concerns around members’ retirement adequacy and hopes this will be a precursor towards the rebuilding of retirement savings and reforming of the nation’s social security system.
Further details on the application for withdrawal and payment mechanisms will be announced by the EPF imminently.
Issued by the EPF Media Desk Corporate Affairs Department 16 March 2022
About the Employees Provident Fund (EPF)
The Employees Provident Fund (“EPF”) is one of the oldest retirement funds in the world. Established in 1951, the EPF is a social-security organisation focused on safeguarding member savings and delivering excellent services. In recent years, in line with its vision of helping members achieve a better future, the EPF has expanded its role to encompass the creation of a comprehensive social well-being ecosystem. Today, the EPF remains steadfast in its commitment to members through consistent efforts to update and improve itself, in order to build the foundation for sustainable, holistic and equitable well-being for all Malaysians.