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Malaysia allows another round of pension fund withdrawal

KUALA LUMPUR (CNA) – The Malaysian government has allowed a fourth round of withdrawals from the country’s Employees Provident Fund (EPF) retirement scheme.

Prime Minister Ismail Sabri Yaakob announced in a special press conference yesterday that this withdrawal would be capped at MYR10,000 per contributor.

However, he urged contributors to consider carefully before making the “special withdrawal”, in the interests of their future.

There have previously been three withdrawal schemes for EPF contributors since the pandemic struck. Under the i-Lestari, i-Sinar and i-Citra schemes, MYR101 billion has been withdrawn from the retirement fund by 7.34 million contributors since 2020, the prime minister noted.

“Based on findings from thorough studies and observations during the recovery phase after this pandemic, there are those within the Malaysian Family still affected from an economic standpoint. (They suffered) loss of income and are currently rebuilding their lives,” Ismail Sabri said.

“Although the government has given permission for this special EPF withdrawal, nevertheless I plead with contributors to keep your savings unless the situation is truly pressing.”

In a press statement, Finance Minister Tengku Zafrul Tengku Abdul Aziz said EPF would give further details on the special withdrawal in the near future, as well as necessary steps to manage the issue of diminished retirement funds faced by contributors.

A woman shops at a supermarket in Pahang, Malaysia. PHOTO: AFP
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