KUALA LUMPUR: Prime Minister Tan Sri Muhyiddin Yassin today announced that the Employees' Provident Fund (EPF) will introduce a new withdrawal scheme for its members called i-Citra.
In a special address aired live this evening, Muhyiddin said under i-Citra, 12.6 million EPF members will be able to withdraw up to RM5,000 from their retirement fund.
The payment would be split into five months at RM1,000 a month, depending on the amount available in a member's account.
"The implementation of i-Citra is expected to channel RM30 billion to the rakyat to cover their daily expenses.
"Members can apply for this EPF withdrawal scheme via the i-Citra online portal at icitra.kwsp.gov.my beginning July 15, 2021," Muhyiddin said.
He informed that the first payment is expected to be credited into members' account in August 2021.
The announcement was part of the government's new aid package - Pakej Perlindungan Rakyat dan Pemulihan Ekonomi (Pemulih).
Muhyiddin said this was a difficult decision to make as the government was aware that the EPF savings were meant for retirement, and the i-Citra solution took a middle ground between current urgent needs and reasonable returns for EPF members who did not require withdrawals.