Latest News On Epf Withdrawal Malaysia

They can opt to withdraw any amount at any time.

Latest news on epf withdrawal malaysia. I lestari will provide some relief to those financially affected during this period of concern and uncertainty. Members can submit their applications for i lestari withdrawal beginning 1 april 2020 until 31 march 2021. The epf i lestari withdrawal scheme allows members to withdrawal from their account 2 savings beginning 1 april 2020. Epf statement of compliance with the malaysian code for institutional investors.

Epf stated that economists had agreed that the measure announced by prime minister tan sri muhyiddin yassin yesterday to allow epf members to withdraw up to rm500 each month for a year will help boost private consumption thus cushioning the impact of the pandemic on the malaysian economy. The epf however said it has taken note of the world bank s suggestion to gradually raise the age when members can make a full withdrawal of accounts one and two of their epf retirement savings from 55 to 65. 2019 2018. Keep up with the latest news on the epf and download useful information.

The prime minister has urged malaysians to use the epf withdrawal initiative wisely and use it to buy necessities. To facilitate epf members in preparing for a comfortable retirement the epf allows you to make a partial or full withdrawal from your savings to meet the specific retirement related needs that are in line with the epf s current policies. Press announcements. There is no minimum withdrawal amount required.

Kuala lumpur june 26 the employees provident fund epf today assured members that the issue of raising the withdrawal age has not been discussed with any party at this point in time. Kuala lumpur may 4 the employees provident fund epf will be resuming age 50 55 60 withdrawals and mobile i akaun activation services beginning wednesday may 6 at approved branches throughout the country. For epf members that are interested to withdraw you can apply to start from 1st april 2020. In the world bank s malaysia economic monitor report released yesterday the bank recommended that the government strengthen the adequacy of old age income protection by gradually increasing the minimum withdrawal age for epf account one balances to 65.

This initiative is expected to benefit approximately 12 million epf members with an estimated total withdrawal of rm40 billion.