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KOTA KINABALU (Bernama): The Employee Provident Fund (EPF) approved withdrawals from account 2 totaling RM1.66bil by 3.5 million taxpayers under the i-Lestari initiative launched last month, said Deputy Minister of Finance I Datuk Abdul Rahim Bakri.
The money will be credited to their bank accounts by electronic transfer between May 4 and May 18, it said in a statement on Saturday (May 9).
“The EPF i-Lestari initiative, which involves an allocation of RM40bil, will inject liquidity of RM3.3bil per month on average into the local economy.
“This added liquidity is necessary not only to help people earn disposition income, but also to create the market liquidity required by the retail sector, allow money to change hands, and create a multiplier effect on the country’s economy. “he added.
Abdul Rahim said it was common knowledge that the retail sector had been severely affected by the economic impact of the Covid-19 pandemic.
“This unprecedented health emergency had reduced cash flow in the market after many people lost their sources of income. Billions of ‘tourist dollars’ from foreign tourists have also been lost due to the collapse of the service sector tourist, “he said.
He said it would take time to revive the economy as the coronavirus had impacted all sectors of the world.
I-Lestari’s retirement service is intended to ease the financial burden on EPF members and help them meet their basic monthly financial needs during the Covid-19 pandemic. – Bernama
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