EPF Needs More Flexible Withdrawal of Account 1 - Tengku Zafrul

 Minister of Finance, Tengku Datuk Seri Zafrul Tengku Aziz informed that he has advised the Employees Provident Fund (EPF) to be more flexible to allow more contributors to withdraw their savings from Account 1.

“I have discussed with the EPF management today and they have promised to announce how to withdraw and who will be eligible to withdraw savings from Account 1.

"My advice to the EPF management is to expand (more than the target) and flexibility for more contributors to withdraw (their savings)," he said in a special interview with TV3 Main Bulletin, here, last night.

According to Tengku Zafrul as quoted by Bernama as saying, the request was made after hearing the people's complaints about the announcement that only targeted withdrawals were given to Account 1.

Previously, the EPF had introduced the i-Lestari withdrawal facility in April which allowed members to make withdrawals of RM500 per month for a period of 12 months with a total of up to RM6,000.

The scheme has benefited about 4.7 million members with a value of RM11.6 billion.

During the 2021 Budget, Tengku Zafrul announced the EPF savings withdrawal facility from Account 1 with a target of RM500 per month with a total of up to RM6,000 for a period of 12 months to ease the financial burden of the affected members.

Taking into account both the i-Lestari initiative as well as the Account 1 withdrawal facility, the total withdrawal is RM12,000.