APPLICATION for the RM10,000 withdrawal from the Employees’ Provident Fund (EPF) will be open from April 1 to 30, the fund said today.

It also announced the conditions that will allow contributors to apply for the special withdrawal.

“It is open to all contributors aged 55 years old and below. Payment will start on April 20,” it said in a brief statement on its Facebook page.

It said members are allowed to withdraw a maximum amount of RM10,000 and a minimum of RM50 and must fully utilise their savings balance in Account 2 before they can access their savings from Account 1.

“If the balance in Account 2 is inadequate, Account 1 can be accessed.”

This afternoon Prime Minister Ismail Sabri Yaakob said that the government had decided to approve another round of EPF withdrawal.

He called on contributors to only withdraw from the retirement fund when absolutely necessary.

The decision to allow for a fourth round of withdrawal was made after taking into account the hardship the people were still facing due to the Covid-19 epidemic, he said.

Previously, the government introduced three schemes – i-Lestari, -i-Sinar and i-Citra – which allowed contributors to withdraw from EPF.

The three schemes benefitted 7.34 million contributors who withdrew a total of RM101 billion.

EPF, which has been against allowing more withdrawals from the fund, said that the three facilities have led to 6.1 million members now having less than RM10,000 in their regiment fund.

Of that number, 3.6 million members have less than RM1,000.

Bumiputeras made up 78% of the withdrawal applicants. As a result, 4.4 million – or 54% of Bumiputera members – now have less than RM10,000 in their retirement savings. In addition, two million – or 25% of Bumiputera members – have less than RM1,000. – March 16, 2022.