EPF Account 1 withdrawals targeted only at those in dire straits - PM
Prime Minister Muhyiddin Yassin today stressed that withdrawals from Account 1 of a member's Employee Provident Fund were only for those who were in dire straits financially.
Muhyiddin did not outline the requirements needed to qualify for the RM500 per month withdrawal but painted a picture of one possible scenario.
Prime Minister Muhyiddin Yassin today stressed that withdrawals from Account 1 of a member's Employee Provident Fund were only for those who were in dire straits financially.
Muhyiddin did not outline the requirements needed to qualify for the RM500 per month withdrawal but painted a picture of one possible scenario.
"Maybe both the husband and wife are out of a job and even though they have savings, it has been depleted spending on their children.
"These are the kind of cases we would allow such EPF withdrawals for," he said in an interview with Astro Awani tonight.
The government yesterday announced under Budget 2021 that there would be withdrawals of RM500 for up to 12 months or RM6,000 in total allowed from members' EPF Account 1.
Muhyiddin said the government was at first hesitant to allow such withdrawals but reconsidered after hearing the growing number of voices from people who were in desperate need of funds.
Previously, the government had allowed EPF Account 2 withdrawals of the same amount for all contributors.
Besides EPF Account 1 withdrawals, yesterday's budget also announced cash handouts under the Bantuan Prihatin Rakyat (BPN), a rebranding of Bantuan Sara Hidup (BSH).
For example, households earning under RM2,500 with more than one child will receive RM1,800 in BPN aid.
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