17th March 2022 - 2 min read
The Employees Provident Fund (EPF) has stressed that the latest special RM10,000 withdrawal facility should be the final Covid-19-related withdrawal allowed as it is concerned about its members’ depleting retirement savings.
“The EPF would like to reiterate its concerns around members’ retirement adequacy and hopes this will be a precursor towards the rebuilding of retirement savings and reforming of the nation’s social security system,” the provident fund stated, adding that a whopping sum of RM101 billion of EPF savings has already been withdrawn under i-Lestari, i-Sinar, and i-Citra as of the end of 2021.
The EPF further commented that another withdrawal facility should not be necessary given that the nation is already on the road to economic recovery. “As the country rebuilds the economy and more people have returned to work, the EPF believes that this should be the last facility allowed under the special withdrawal initiative,” it said.
During his announcement yesterday, Prime Minister Dato’ Seri Ismail Sabri Yaakob had said that the decision to allow the latest withdrawal was a difficult one, but it was made after considering requests from all parties. Over the past months, several parties have pushed for a “last withdrawal” – including the Federation of Malaysian Consumers Associations (FOMCA) – while others were against it.
Ultimately, Dato’ Seri Ismail Sabri said that EPF contributors must weigh their decisions carefully, and only withdraw their savings if they must. Members can start applying for the special RM10,000 withdrawal facility from 1 April 2022.
(Source: The Star)
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