[UPDATED] Withdrawal application for EPF members under 55 to open in April

KUALA LUMPUR – The application for Employees’ Provident Fund’s (EPF) RM10,000 withdrawal will be opened to members below age 55 between April 1 and 30.

In a brief statement, EPF said payments for the withdrawals will commence before April 20.

“Members are allowed to withdraw a maximum amount of RM10,000 and minimum RM50, and must fully utilise their savings balance in Account 2 first before accessing their Account 1.”

Earlier today, Prime Minister Datuk Seri Ismail Sabri Yaakob said the government agreed to allow a special withdrawal of RM10,000 from EPF to help those in financial difficulty due to the Covid-19 pandemic.

He said in a brief live telecast that the government is cognisant of the difficulty the public faces in recovering from the pandemic, but urged the public to only make the special withdrawal if absolutely necessary.

“While the government will allow this special withdrawal, I urge all contributors to maintain their savings unless the situation is truly pressing. I hope contributors will carefully consider this.”

The government had previously allowed EPF contributors to dip into their savings on three separate occasions between 2020 and 2021, as the public reeled from strict pandemic curbs that all but halted businesses and outdoor activities.

On Monday, Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said contributors could have enjoyed dividends of up to 6.7% for the year 2021 instead of 6.1% if they did not make the earlier withdrawals.

Last November, it was reported that 6.1 million EPF members had less than RM10,000 in their accounts, of which 3.6 million had less than RM1,000 in their EPF accounts. – The Vibes, March 16, 2022