Govt finding ways to ease burden of those calling for more EPF withdrawals, says PM

KUALA SELANGOR: The government is finding ways to ease the burden of those wanting to withdraw from their Employees' Provident Fund (EPF) accounts without affecting their retirement savings, says Datuk Seri Anwar Ibrahim.

The Prime Minister pointed out many had already exhausted their EPF savings, with many having less than RM10,000 in their accounts.

"Those who want to make withdrawals must think of the options. Some have RM5,000 or RM10,000 but they still want to make withdrawals. They are going to retire in four years, what will happen to them then," he said.

Anwar said this when speaking to the media at a programme at Universiti Selangor here on Thursday (Feb 9).

Four tranches of EPF withdrawals were allowed in the past two years because of the Covid-19 pandemic.

An EPF withdrawal of up to RM10,000 was allowed last year, following the i-Lestari and i-Sinar schemes in 2020, as well as i-Citra in July 2021.

Several groups and political leaders have pressed the government to allow those in need to withdraw their EPF savings.

"If they only have RM3,000, and they will retire in two to three years time..they have families to take care, what will happen, we have to think about it," Anwar said, citing another example.

He said the government will find measures to help ease the burden of the people to ensure they will be financially able when they retire.

Meanwhile on the upcoming Revised Budget, which is scheduled to be tabled on Feb 24 in Parliament, the prime minister reiterated that the government will prioritise plans to address deficits, digitalisation, food security and the people's welfare as well as cost of living.

"The rest of the strategies will be announced on Budget day," he said.