PM: You Can Withdraw RM500 Monthly From EPF To Survive COVID-19 Pandemic
The initiative is expected to benefit up to 12 million people.
By Arisha Rozaidee — 23 Mar 2020, 02:40 PM
Prime Minister Tan Sri Muhyiddin Yassin just announced that Malaysians can now withdraw up to RM500 monthly from their Employee Provident Fund (EPF) to survive the ongoing COVID-19 pandemic
During a live address today, 23 March, the Prime Minister clarified that the move is part of the government's effort to ensure that citizens have the monetary support they need to get through this trying time.
All Malaysians aged 55 and below are eligible to withdraw a maximum of RM500 from their EPF Account Two for a period over 12 months.
This initiative is expected to benefit up to 12 million people.
EPF members can submit an application for withdrawal starting 1 April.
Tan Sri Muhyiddin hopes that workers will have more money in their pockets to buy everyday necessities with the help of this initiative and the 4% reduction in the employee's EPF contribution rate effective April 2020.
He also urged Malaysians to spend the money wisely and only purchase necessary items during this difficult time.
"Most importantly, make sure you have food on the table every day for the whole family. This money can also be used to pay water bills, electricity bills, or house rent according to individual needs," he said.
Besides that, the National Higher Education Fund (PTPTN) has announced that they will be deferring all loan repayments due to the COVID-19 outbreak:
