EPF contributors below 55 may withdraw savings monthly, says Muhyiddin

Updated 4 years ago · Published on 23 Mar 2020 1:29PM · 6 Comments

Prime Minister Muhyiddin Yassin says withdrawals of a maximum RM500 a month for a maximum 12 months are allowed to be made from EPF Account 2. – The Malaysian Insight pic by Kamal Ariffin, March 23, 2020.

EMPLOYEES Provident Fund account holders aged below 55 can access their savings to pay for daily necessities under new measures by the government to help people cope with the economic impact of the Covid-19 pandemic.

Prime Minister Muhyiddin Yassin said withdrawals of up to RM500 a month for a maximum 12 months were allowed to be made from Account 2.

“Applications can be made starting April 1. This is expected to benefit 12 million EPF members with an estimated RM40 billion,” he said in a special televised address on economic measures to lessen the effects of the coronavirus today.

Muhyiddin earlier chaired a meeting of the government’s Economic Action Council to address Covid-19.

“I hope this initiative and also the reduction of EPF employee contributions by 4% effective April 2020 will help put more money in pockets to pay for daily essentials.

“My advice is to use these extra funds wisely. Buy only what you need. It is a difficult time but try to ensure that there is food on the table every day for the family,” he said.

You can also use the funds to help with bill payments or rent.”

Other measures Muhyiddin announced today included deferment of National Higher Education Fund (PTPTN) loans, and allocation of more funds to all state governments to fight the outbreak.

More funds were allocated to the Health Ministry to purchase equipment and engage personnel.

Muhyddin said the government was looking at announcing more economic stimuli to assist the people on March 30.

A movement control order is currently in effect until March 31. People are not to leave their homes except to buy food and essential items or for medical emergencies. – March 23, 2020.

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Comments

  • So they government is expecting the B40 group to eat into their one savings to help them get through the crisis. Big business will her government help, the poor will have to use their one savings.

    Posted 4 years ago by D JI · Reply

  • Official statement says below 55

    Posted 4 years ago by [email protected] · Reply

  • Will they be flooding the EPF offices to withdraw? Make sure crowd control is in place.

    Posted 4 years ago by Elyse Gim · Reply

  • Maybe a better way is to ensure that prices of essentials is controlled and to expand the basket to include even more items?

    Posted 4 years ago by Alex Lim · Reply

  • What about SOCSO and HRDF payments ? Shouldn't this be waived for the days that workers are not working? HRDF payments should be stopped for the next 12 months as many companies have already accumulated substantial amounts in this fund.

    Posted 4 years ago by Mike Mok · Reply

  • Someone should just record his 100 days of shame. I thought Trump is terrible, we have a worse one

    Posted 4 years ago by S L · Reply