EPF contributors can now withdraw RM10,000 for urgent needs

(NST) – The government has agreed to allow a special withdrawal by contributors from their Employees Provident Fund (EPF).

Prime Minister Datuk Seri Ismail Sabri Yaakob, at a special press conference today, said the amount was set at RM10,000.

He said details on the withdrawal would be announced by the Finance Ministry and EPF soon.

The premier said it was a difficult decision to allow another withdrawal as it involves people’s old age savings.

“This special withdrawal is a middle ground in balancing between today’s urgent needs and future savings.

“However, based on a comprehensive study during the recovery phase after the pandemic, there were families (within Keluarga Malaysia) who are still affected, be it economically, loss of their income or in the process of rebuilding their lives.

“At the government, we listened, studied and scrutinised the request from all parties to allow EPF withdrawal. Therefore, today the government has agreed to allow a special EPF withdrawal of RM10,000,” he said.

Ismail Sabri, however, appealed to contributors to maintain their savings unless they are really in need of the withdrawal.

“Although the government has permitted this special EPF withdrawal, I am appealing to contributors to maintain their savings unless the situation is urgent.

“I hope contributors will make due consideration before making the withdrawal, for the sake of their future.”

The government had previously allowed EPF withdrawal through three schemes, namely i-Lestari, i-Sinar and i-Citra amounting to RM101 billion, involving 7.34 million contributors since the Covid-19 pandemic that hit the country two years ago.