All Employees Provident Fund (EPF) contributors under the age of 55 can now withdraw a maximum total of RM500 per month over a period of 12 months from their second account.
This new provision is effective starting from 1 April this year.
The i-Lestari withdrawal facility for all EPF contributors is an initiative approved by the Economic Action Council in an effort to lighten the pressure on the people amidst the current COVID-19 pandemic, Prime Minister Muhyiddin Yassin remarked.
Mr Yassin further elaborated, “This initiative, with an estimated withdrawal of RM40 billion, is expected to benefit 12 million EPF contributors in the country…Apart from the reduction in the contribution rate by four per cent announced previously, I hope this initiative can provide additional monies for employees for them to buy daily necessities.”
“I would like to advise all people who will benefit from this initiative to use the additional monies wisely. Buy items that are necessary during these difficult times…What is important is to ensure there is food on the table for your family. Perhaps, the additional money can also be used to settle water or electricity bills and even house rentals depending on your needs,” he added.