Finance Minister Tengku Zafrul has announced during the Budget 2021 tabling that eligible EPF members can withdraw up to RM6,000 from Account 1 next year. Eligible members will be able to take out RM500/month for a period of 12 months.
The EPF withdrawal from Account 1 is expected to benefit 600,000 affected members who have lost their jobs. Account 1 makes up 70% of your monthly EPF contribution and it is meant to be kept for retirement. Affected members who wish to withdraw can apply in January 2021.
The new initiative is in addition to the earlier announcement made in March where EPF members can withdraw up to RM500/month for a period of 12 months from Account 2. When this initiative was introduced, Prime Minister Muhyiddin Yassin had urged Malaysians to use the option wisely to buy necessities or to pay off their monthly bills. With the both EPF withdrawal initiatives combined, eligible members can withdraw up to RM12,000.
In addition, EPF members will also be allowed to withdraw from Account 2 to buy insurance and takaful product. This is to ensure that Malaysians get sufficient life and health insurance protection.
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