COVID-19: EPF contributors allowed to withdraw money from account two - Muhyiddin

Employees Provident Fund (EPF) contributors are now allowed to withdraw a maximum of RM500 a month for 12 months to ease their cost of living due to the COVID-19 outbreak, said Prime Minister, Tan Sri Muhyiddin Yassin.

In a special press conference at the Perdana Putra Building here today, he said the initiative is expected to benefit 12 million EPF contributors, with an estimated withdrawal of RM40 billion.

He said the initiative, coupled with a four percent reduction in contributions beginning April 2020, would enable workers to have a bit more money in their pockets to buy daily necessities.

“My advice to all of you who will benefit from this is to spend the money in the best possible way. Buy only necessary items during these difficult times. Most importantly, make sure you have food on the table for the whole family every day.

"Perhaps part of this money could be used to pay water or electricity bills or house rent," he added.

Muhyiddin said the initiative was among the steps decided by the Economic Action Council (EAC) as part of the Economic Stimulus Package and People's Aid to ease their burden.