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#Budget2021: EPF Contributors Will Be Allowed To Withdraw RM500 A Month From Account 1

Finance Minister Tengku Zafrul Aziz hopes the move will help those who have lost their jobs due to the pandemic.

Cover image via Parlimen Malaysia (YouTube) & Hari Anggara/Malay Mail

Employees Provident Fund (EPF) contributors who have lost their jobs will also be allowed to withdraw RM500 per month from Account 1 starting January 2021

During the tabling of Budget 2021 today, 6 November, Finance Minister Datuk Seri Tengku Zafrul Aziz said the move will help those who have lost their jobs due to the pandemic.

However, he said those affected will only be allowed to withdraw a maximum of RM6,000 over 12 months.

Those who qualify can apply beginning January next year.

He also announced that the EPF contribution percentage will be reduced from 11% to 9% starting next year

He said the move will hopefully increase Malaysians' take home pay to help with everyday expenses.

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Image via SAYS

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