Median EPF savings of all Malaysians down 50%, that's why no more special withdrawals allowed: Ahmad Maslan

KUALA LUMPUR: The median savings in the EPF accounts of all Malaysians declined 50 per cent to RM8,100 in 2022 from RM16,600 in the year before the Covid-19 pandemic hit, said Deputy Finance Minister Datuk Seri Ahmad Maslan.

More than RM145 billion was withdrawn by 8.1 million individuals during the pandemic under four special withdrawal schemes, he added.

"The Malays, who number more than seven million members, had RM16,900 in April 2020. Now, they are only left with RM5,500,” he told a media conference in Parliament. "This is one of the reasons the government has decided not to allow any more special withdrawals.”

Ahmad Maslan said for EPF members of other Bumiputera groups, which comprise 1.4 million members, their median savings fell to RM3,300 compared to RM10,600 before the pandemic.

Yesterday, Perikatan Nasional chairman Tan Sri Muhyiddin Yassin called on the government to consider allowing another one-off targeted EPF withdrawal for those financially affected by the pandemic. - Bernama