Employees Provident Fund (EPF) contributors can apply to withdraw RM500 from Account II of their savings for a period of 12 months starting from April 1 this year, Prime Minister Tan Sri Muhyiddin Yassin announced today. – Bernama file photo
KUCHING: Employees Provident Fund (EPF) contributors can apply to withdraw RM500 from Account II of their savings for a period of 12 months starting from April 1 this year, Prime Minister Tan Sri Muhyiddin Yassin announced today.
“Through this facility, all EPF members under 55 years old can make cash withdrawals from their Account II up to maximum of RM500 per month for a period of 12 months.
“Applications can be made from April 1. This initiative is expected to benefit up to 12 million EPF members, with an estimated total of RM40 billion,” he said in a televised press conference today.
Muhyiddin hoped that with this initiative as well as a reduction in contribution rates of four per cent starting April this year will allow workers to have more money in their pockets to buy everyday necessities.
He also advised those who will receive these benefits to use the money prudently.
“Most importantly, make sure you have food on the table every day for the whole family. Thee money can also be used to pay bills and house rentals, depending on needs,” he said.
Muhyiddin also announced that the government has also agreed to provide for an extended period from three months to six months for loan repayment to National Higher Education Fund (PTPTN).
“This deferment will take effect from today until Sep 30, and is expected to benefit nearly 1.5 million borrowers,” he said.