Previously, Prime Minister Dato’ Sri Ismail Sabri Yaakob in a special press conference announced that the government has agreed to allow Employees Provident Fund (EPF) contributors to withdraw a one-off EPF withdrawal of RM10,000.
It’s official that EPF is set to open applications for special withdrawal on 1 April 2022. This new initiative will allow EPF members once more to take out up to RM10,000 from their EPF savings. Before you decide on taking out your EPF savings, here are some important details that you should know before applying for it:
Who can apply for the EPF special RM10,000 withdrawal facility?
Read also Govt Allows Another One-Off RM10K Withdrawal From EPF, The Pros & Cons
This withdrawal facility is open for members who are aged below 55 years old – including non-citizens and permanent residents. However, you are required to have at least RM150 in your EPF savings during the time of application.
Based on the FAQ, those who have applied for previous COVID-related withdrawal facilities are allowed to make another withdrawal. But, they must have the required minimum amount in their EPF savings.
Can I withdraw less than RM10,000?
EPF members can withdraw between a minimum of RM50 to a maximum of RM10,000 depending on the amount that is available in the EPF savings. It is clarified that you are required to maintain a minimum balance of RM100 in your Akaun 1 after the withdrawal – in order to keep your status as an EPF member.
Through EPF special withdrawal, the amount will be taken from your Akaun 2. But, if the amount in your Akaun 2 is insufficient, then you can access your Akaun 1 savings to top up the remaining amount required.
When can I apply for this special withdrawal facility?
According to the recent announcement, applications are set to take place between 1 to 30 April 2022. EPF members can apply online via the Pengeluaran Khas portal. Applications can also be done directly from the i-Akaun mobile app.
The funds will be disbursed starting from 20 April 2022 via one single payment to be credited into your current or savings account. Please make sure that your bank account is still active and is registered under your name.
If you do not have bank accounts, you can request to collect the funds via standing instruction (Arahan Bayaran). You will need to wait for the EPF to contact you for collection and head over to the nearest RHB Bank branches to cash it in.
Will I get notified If my application has been approved?
You may check your application status starting from 9 April 2022 – through the Pengeluaran Khas portal or via i-Akaun. If you have any inquiries, you may go to the EPF website or reach out via the chat system ELYA.
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