PUTRAJAYA: Beginning April 1, all Employees Provident Fund (EPF) contributors below the age of 55 can withdraw a maximum of RM500 a month for a period of 12 months from their second account.
Prime Minister Tan Sri Muhyiddin Yassin said the i-Lestari withdrawal facility for all EPF contributors is one of the initiatives agreed to by the Economic Action Council to lessen the burden of the people during the Covid-19 pandemic.
“This initiative, with an estimated withdrawal of RM40 billion, is expected to benefit 12 million EPF contributors in the country.
“Apart from the reduction in the contribution rate by four per cent announced previously, I hope this initiative can provide additional monies for employees for them to buy daily necessities.
“I would like to advise all people who will benefit from this initiative to use the additional monies wisely. Buy items that are necessary during these difficult times.
“What is important is to ensure there is food on the table for your family. Perhaps, the additional money can also be used to settle water or electricity bills and even house rentals depending on your needs,” said Muhyiddin today.