Prime Minister Mahiaddin Md Yassin announced that the Employees Provident Fund (EPF) will introduce a new withdrawal scheme for its members called i-Citra. This allows members to withdraw up to RM5, 000 from their retirement funds, applications will start on July 15, and the first payment is expected to be credited into members' account in August, and i-Citra is expected to channel RM30bil to the rakyat.
Herein lies the problem – CEO of EPF, Datuk Seri Amir Hamzah Azizan pointed out in an interview with The Edge Markets: 6.3 million people, or 42% of the total membership have less than RM10, 000 in their Account 1, which is meant to be retirement savings; and 9.3 million people have less than RM10, 000 in Account 2, which is their emergency funds, as reported by The Edge Markets. [1] This is partly due to the low minimum wages in our country.
Limited time offer:
Just RM5 per month.
