By Ida Nadirah Ibrahim
SUBANG JAYA, March 23 — Prime Minister Tan Sri Muhyiddin Yassin today announced that Malaysians are now allowed to withdraw a maximum of RM500 per month from the Employee Provident Fund (EPF) over the period of 12 months.
In a press conference, Muhyiddin said those aged 55 years old and below are eligible to withdraw from their EPF Account Two to buy essential goods.
“The initiative would benefit almost 12 million EPF users and is worth RM40 billion in withdrawals,” he said in a special press conference at the Prime Minister’s Office in Putrajaya today.
The application for the withdrawal will open starting April 1, 2020.
Muhyiddin said the Federal government’s initiatives announced today is part of the existing economic stimulus package and the people’s aid (Bantuan Rakyat), and that a more comprehensive package would be announced on March 30.
“I hope with this initiative and the reduced employee EPF contribution by 4 per cent, effective in April, would enable the workers to have more pocket money to buy essential goods.
“My advise to all is to use the money as wisely as possible. Only buy the necessities that are needed during this trying time. What is most important is for the people to be able to put food on the table for the family and perhaps some of the money can also be used to pay utility bills or rent,” he said.
The announcement was made following the Economic Action Council meeting held earlier, chaired by Muhyiddin.
The initiatives taken by the council are to cushion the economic impact of the Covid-19 outbreak on the people, as some had lost their source of income following the implementation of the movement control order from March 18 to 31.
