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PETALING JAYA: Employee Provident Fund (EPF) contributors can only make a withdrawal from Account 1 if they have already reached the maximum withdrawal amount from Account 2 through the i-Lestari program, says Secretary General of the Treasury .
Datuk Asri Hamidon said that this was one of the conditions that the government had established to withdraw the savings from the EPF Account 1, which is known as the i-Sinar program.
Before this, through the Prihatin stimulus package, the government allows EPF contributors to withdraw savings from their Account 2 up to RM500 per month for 12 months, with a total amount of RM6,000.
“In Budget 2021, the government announced a facility specifically offered to allow withdrawals from Account 1 of up to RM 500 per month, amounting to RM 6000 over 12 months.
“This can be done on the condition that taxpayers must have already reached the maximum withdrawal amount for Account 2 under the i-Lestari program, and only then can they make withdrawals from Account 1,” he said in a television interview. Sunday (Nov. 15).
The government has previously relaxed the rules regarding EPF withdrawals twice this year by reducing EPF’s contribution from 11% to 7% and allowing i-Lestari’s withdrawal of RM6,000 from Account 2.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, presenting the 2021 Budget in Parliament on November 6, said that the withdrawal mechanism of i-Sinar Account 1 was expected to ease the financial burden of some 600,000 members. affected.
He said that taking into account the i-Lestari initiative and the ease of withdrawal from the i-Sinar 1 Account, the total cash withdrawal is up to RM12,000.
Asri said the government is also discussing other mechanisms related to withdrawals from Account 1 with the EPF, to further assist taxpayers who were severely affected.
“We are sensitive to the plight of the rakyat and we will analyze all aspects to safeguard the well-being of the people.
“The government has asked EPF to see what more can be done to help taxpayers, including adjusting and reviewing improvements to the withdrawal criteria from Account 1,” he said.
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