PUTRAJAYA will not allow for more special Employees Provident Fund (EPF) withdrawals as a measure for people to overcome their financial difficulties.

Prime Minister Anwar Ibrahim said more withdrawals will affect contributors who are retiring soon.

He said many EPF contributors have little savings in the EPF to see them through their old age.

To help the people, Anwar, who is also the finance minister, said the government is looking at other options.

“I could just let them withdraw their (EPF savings) since it’s their money anyway. But for those who are only left with let’s say, RM3,000, if they withdraw RM3,000 now, what will happen to their families later?” he said in Bestari Jaya today.

“Those who have much a lot may not have a problem but what about those who don’t? Some are going to retire in two or three years’ time.

“So we are trying to find a way to help ease their burden without affecting them when they retire.”

There have been renewed calls for the government to allow people to withdraw money from their EPF account to cope with skyrocketing inflation.

Under the past two administrations, four tranches of EPF withdrawals were allowed in two years to tide Malaysians over the Covid-19 pandemic. 

People were allowed to withdraw RM10,000 more last year, following the i-Lestari and i-Sinar schemes in 2020, and i-Citra in July 2021. – February 9, 2023.