Everything You Need To Know About The Latest EPF Special Withdrawal

Life has not been the same since the Covid-19 pandemic hit Malaysia. People will do whatever they can to make end’s meet even if it has to come out of their own savings. Just recently, the Malaysian government announced that they agreed to a special Employees Provident Fund (EPF) withdrawal of RM10,000.

Kumpulan Wang Simpanan Pekerja (KWSP) Malaysia also posted the announcement on their official Facebook and Instagram page yesterday (Wednesday, 17th March). Here’s all the available information regarding the EPF Special so far:

Who is the EPF Special for?

The EPF Special Withdrawal is applicable for those aged 55 years old and below. Despite the fact that the country is in the recovery phase, Prime Minister Ismail Sabri claims that there are still people who have been economically impacted, lost their jobs, and who are trying to get back on track.

When can you apply and withdraw?

Members or contributors can start applying for the EPF Special online starting from 1st April – 30th April of this year. Once the members have applied, they will start to receive payment on 20th April onwards. The minimum amount for the withdrawal was set to RM50 while the maximum amount was set at RM10,000.

Are there any terms and conditions?

However, there is a condition for these withdrawals and that the members must first and foremost utilise all their savings balance in Account 2 before being able to touch any funds in Account 1. This is to ensure that the people will still have some savings left for future needs.

Extra information

Since the Covid-19 pandemic hit Malaysia two years ago, 7.34 million EPF contributors have withdrawn a total of RM101 billion through the i-Lestari, i-Sinar, and i-Citra schemes, according to the Prime Minister.

Finance Minister Zafrul Tengku Abdul Aziz said EPF would announce measures needed to overcome the issue of depleting savings of EPF contributors. More details on the EPF Special will also soon be posted on all KSWP Malaysia’s social media platforms.