EPF Account 1 Withdrawal Approved By Govt, Maximum RM10,000 Limit
The previous limit was RM9,000.
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The government approved withdrawal from Account 1 of the Employees Provident Fund (EPF) up to RM10,000 for those who have lost their jobs or suffered pay cuts this year.
Finance Minister Tengku Zafrul Aziz made the announcement in Parliament today, stating that EPF members can apply to withdraw their funds online or visit any EPF office.
(Credit: Facebook/Tengku Zafrul)
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The i-Sinar programme is now open to 8 million EPF members, who only need to show proof that their incomes have been affected in order to withdraw their savings.
According to Malaysiakini, this programme is also open to those who are:
- no longer able to generate additional income by working overtime.
- no longer active contributors
- working in informal sectors affected by the economic downturn
Previously, EPF had announced a RM9,000 limit for Account 1 withdrawal.
Under usual circumstances, funds from EPF Account 1 are only accessible once members turn 55 years old.
READ MORE: i-Sinar: EPF Allows Account 1 Withdrawal Up To RM60,000. Here’s How
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