Budget 2021 – EPF withdrawal facility for members who have lost jobs


By Karen Bong

KUCHING, Nov 6: The government has announced a targeted Employees’ Provident Fund (EPF) withdrawal facility for Account 1 of RM500 per month, up to a maximum of RM6,000 for 12 months.

Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz pointed out that the withdrawal facility is to assist members who have lost their jobs.

“The move is expected to reduce the financial burden of 600,000 affected members,” he said this when tabling the Budget 2021 in Parliament today.

He informed that EPF had introduced the i-Lestari withdrawal facility in April 2020, which allows members to withdraw RM500 per month for 12 months, with an overall total up to RM6,000.

“The scheme has benefited 4.7 million members, with withdrawals totalling RM11.6 billion,” he revealed.

Thus, taking into account the two i-Lestari initiatives including Account 1 withdrawal facility, Zafrul said that the total cash withdrawal will be up to RM12,000. – Dayak Daily