Tuesday, November 24, 2020

Govt okays EPF Account 1 withdrawals up to RM6,000

Withdrawals can be made for a year at RM500 a month.

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EPF contributors will be allowed to withdraw up to RM6,000 from their Account 1, the government has announced as part of initiatives in the 2021 budget to help those financially affected by the Covid-19 pandemic.

Tabling the budget today, Finance Minister Tengku Zafrul Aziz said the withdrawals can be made over a period of one year, at RM500 a month, beginning January next year.

At the height of the movement control order to contain Covid-19 early this year, the government allowed eligible contributors to withdraw a similar amount from their second account every month under the i-Lestari programme.

The move to allow the additional RM6,000 from EPF brings the total amount that can be withdrawn from the retirement fund to RM12,000.

The scheme is expected to benefit 4.7 million contributors involving RM11.6 billion.

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