28th June 2021 - 2 min read
The government has introduced yet another withdrawal facility via the Employees Provident Fund (EPF) members, dubbed i-Citra. Announced during the reveal of the latest PEMULIH stimulus package, EPF members will soon be allowed to withdraw up to RM5,000, depending on the balance in their accounts.
According to Prime Minister Tan Sri Muhyiddin Yassin, the total RM5,000 will be disbursed across a period of five months, with RM1,000 to be credited each month. EPF members who are in need of this assistance will be able to apply for it via an online portal starting from 15 July 2021, and the first payment is expected to begin in August 2021.
Muhyiddin further said that this aid will channel up to RM30 billion worth of financial aid to the public, allowing them to cover their daily needs. It is expected to benefit up to 12.6 million members. That said, he also reminded the public to be prudent in tapping into the i-Citra withdrawal facility as their EPF funds are intended for retirement purposes.
“This is a difficult decision as the government is aware that the EPF fund is your old-age savings. The i-Citra solution takes the middle road by accommodating the people’s urgent needs as well as allowing reasonable returns for EPF members who do not require withdrawals,” said Muhyiddin in his speech.
For context, this is the third withdrawal facility to be introduced by the EPF, with the initial two being i-Lestari and i-Sinar. The i-Lestari facility allowed members to withdraw from their Akaun 2, whereas i-Sinar provided withdrawals from Akaun 1.
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