THE Employees Provident Fund (EPF) will be providing further details on the government’s move to allow contributors to make a special withdrawal of RM10,000, as announced by Prime Minister Ismail Sabri Yaakob today. 

In a statement today, Finance Minister Tengku Zafrul Tengku Abdul Aziz said the EPF will also announce measures that will be taken to address the declining retirement fund.

In a special announcement aired on national television, Ismail said the decision was made to help ease the burden of Malaysians who are still impacted by the Covid-19 pandemic.

The prime minister said although it was a difficult decision to make, the government had to take the middle-of-the-road approach to strike a balance between contributors’ current pressing needs and their savings for the future.

However, he urged contributors to maintain their savings unless the situation was really urgent, and hoped that they would consider the matter carefully before making withdrawals, for the sake of their future.

Previously, the government had approved EPF withdrawals under the i-Lestari, i-Sinar and i-Citra schemes, which saw 7.34 million EPF members withdrawing a total of RM101 billion to help them in dealing with the impact of the Covid-19 pandemic during the Movement Control Order. – Bernama, March 16, 2022.