Government Announces Special EPF Withdrawal Effective 1 April 2022

Government Announces Special EPF Withdrawal Effective 1 April 2022

Following the announcement by YAB Prime Minister Dato’ Sri Ismail Sabri Yaakob earlier today, the Employees Provident Fund (EPF) announces that the application for the special withdrawal facility of RM10,000 will be opened to members below age 55 starting 1 April 2022 and ending on 30 April 2022, while payment will start on 20 April 2022. 

Members are allowed to withdraw a maximum amount of RM10,000 and a minimum of RM50, and must fully utilize their savings balance in Account 2 first before accessing their Account 1.

This will be the fourth withdrawal after i-Lestari and i-Sinar in 2020 and i-Citra in July 2021, to meet the urgent cash flow needs of members during the periods of the Movement Control Orders (MCO) and the subsequent economic slowdown. As of end 2021, a total of RM101 billion had been withdrawn under the first three facilities. 

As the country rebuilds the economy and more people have returned to work, the EPF believes that this should be the last facility allowed under the special withdrawal initiative. The EPF would like to reiterate its concerns around members’ retirement adequacy and hopes this will be a precursor towards the rebuilding of retirement savings and reforming of the nation’s social security system. 

Further details on the application for withdrawal and payment mechanisms will be announced by the EPF imminently.