Apply to withdraw from EPF

PETALING JAYA: Employees Provident Fund (EPF) members can apply for the RM500 monthly withdrawal to boost private consumption during the Covid-19 pandemic through the i-Lestari Account 2 Withdrawal Scheme beginning April 1.

In a statement yesterday, EPF chief executive officer Tunku Alizakri Alias said the decision to allow withdrawals from the retirement fund was considered carefully after weighing the well-being of its millions of members and safeguarding their savings.

EPF stated that economists had agreed that the measure announced by Prime Minister Tan Sri Muhyiddin Yassin yesterday to allow EPF members to withdraw up to RM500 each month for a year will help boost private consumption, thus cushioning the impact of the pandemic on the Malaysian economy.

“EPF members may apply for the i-Lestari Account 2 Withdrawal Scheme beginning April 1, 2020. They can expect their savings to be deposited into their bank accounts from May 1, 2020.

“i-Lestari will provide some relief to those financially affected during this period of concern and uncertainty. As a retirement fund, the EPF has to strike a balance between our mandate to safeguard our members’ retirement savings and caring for their well-being,” said Alizakri.

He also said that allowing for the withdrawal would require an amendment to the EPF Act 1991 under Section 54 (6).

“We are placing i-Lestari as our top priority for urgent rollout.

“We have a dedicated email for i-Lestari,, where our members can send in their queries. These will then be collated and added to our list of FAQs on our website,” said Alizakri, adding that there had been many fake news on the withdrawals.

“It is especially important to practise discretion when reading the news and social media.

“There are a lot of scammers and rumours going around, especially through WhatsApp, Facebook and Twitter. Please know that EPF only communicates to the public via our website and our official social media channels,” said Alizakri.

Muhyiddin had stated that the withdrawal scheme during the economy downturn of the Covid-19 pandemic is expected to benefit more than 12 million EPF members, with a total withdrawal potential of about RM40bil.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3

Did you find this article insightful?


74% readers found this article insightful

Next In Nation

Op to tackle illegals and squatters in Sabah only after Covid-19 curve flattened, says state's top cop
UM to host virtual tribute for Royal Prof Ungku Aziz on Monday (March 8)
Chingay celebrations still meaningful under new norm, says Dr Wee
Six university hospitals are Covid-19 vaccine administration centres, says Higher Education Minister
Love scam: 28-year-old woman clears RM418k from mother's bank account for 'lover'
Khairy: MySejahtera users only need to apply once for vaccination
Penang third highest manufacturing FDI recipient in 2020, says CM
RTM to broadcast documentary on royal wedding of King, Queen on Saturday (March 6)
Melaka cops issue 92 traffic summonses to 63 students 'celebrating' end of SPM
Cops nab six suspects, seize RM1mil worth of drugs in raids

Stories You'll Enjoy