PETALING JAYA: Prime Minister Muhyiddin Yassin today said the government finally allowed Employees Provident Fund (EPF) members to make Account 1 withdrawals as a result of public pressure.
He said in a television interview tonight: “Our hearts were heavy. It’s not that we didn’t want to allow it … We wanted to make sure the contributors’ futures were secure. They were already able to withdraw from Account 2, and now Account 1. What balance would they have (when they retire)?”
Muhyiddin said he told Finance Minister Tengku Zafrul Aziz to consider the proposal because of “the many calls for it, and I could see there were some who were really affected and maybe even had no money”.
The decision on Account 1 withdrawals was one of the most eagerly anticipated announcements in the 2021 budget tabled yesterday. It allows those who lost their jobs to withdraw RM500 a month from January, for up to 12 months or a maximum of RM6,000, from the account which is the EPF member’s pension fund.
Withdrawals from Account 2 of up to RM6,000 per contributor were also announced yesterday. Account 2 is generally used to pay for house down payments, medical bills or other big-expense items. - FMT
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