EPF’s RM10,000 special withdrawal details
This was one recent article about withdrawing money from the EPF. Prime Minister Datuk Seri Ismail Sabri Yaakob announced that the government has agreed to allow EPF members to withdraw up to RM10,000 due to the hardship caused by Covid-19 pandemic. Here’s that article with more details: EPF? Withdraw RM10,000 today is equal to RM100,000 or more when we retire.
There are now more details from the EPF.
Article in themalaysianreserve.com The Employees Provident Fund (EPF) announces that the application for the special withdrawal facility of RM10,000 will be opened to members below age 55 starting 1 April 2022 and ending on 30 April 2022, while payment will start on 20 April 2022.
It said, “Members are allowed to withdraw a maximum amount of RM10,000 and minimum RM50, and must fully utilise their savings balance in Account 2 first before accessing their Account 1.”
EPF has also said that the latest special withdrawal should be the last and this is already the 4th withdrawal after i-Lestari and i-Sinar in 2020 and i-Citra in July 2021. Due to these withdrawals, a total of RM101 billion has been withdrawn by EPF members. Here’s the full article: Article in themalaysianreserve.com
Would this really be the last?
There are no guarantees when it comes to government policies. Malaysians should know very well that everything could be changed, suspended or cancelled when the government changes. However, for this particular statement that this withdrawal should be the last, I seriously hope that EPF will keep to its promise. Too many members have withdrawn too much and unfortunately not all the withdrawals were because it’s truly needed.
Just need to read some facebook comments to get what I mean yeah. Some believe that they could reinvest those money way better than EPF. They may be right actually but majority does NOT know how to invest and MOST of them will just suffer losses from the many speculative investments they may make for higher returns. This is why EPF savings must just be extra money at the end of the working life and must not be used for any high risk investments.
Just my view. Happy withdrawing if that’s what you are thinking. I wish you all the best.
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Next suggested article: 3 other forced savings beyond EPF
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