Govt okays RM10,000 withdrawal from EPF Account 1

Kuala Lumpur: The government will allow those who have lost their jobs or suffered pay cuts to withdraw up to RM10,000 from their Employees Provident Fund (EPF) Account 1, Finance Minister Tengku Zafrul Aziz said.

He said contributors may apply to withdraw their funds online or visit any EPF office.

Tengku Zafrul’s announcement was greeted by applause from the MPs.

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“After discussions with the EPF today, I am pleased to announce that the i-Sinar programme has been opened up to all members whose incomes have been affected regardless of whether they lost their jobs or took a pay cut, and they qualify to make a withdrawal from their Account 1.

“We are opening this to eight million members, and each member can now withdraw up to RM10,000,” he said.

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Those applying for withdrawals only need to show proof their incomes have been affected, he said.

Previously, Barisan Nasional Backbencher’s Club chairman Najib Razak said the support of the coalition, which has 42 MPs, hinged on amendments to the budget to allow for the RM10,000 withdrawals from the EPF Account 1 and an automatic loan moratorium extension.