Utilise existing government assistance effectively with EPF savings withdrawal

KUALA LUMPUR:In response to Prime Minister Tan Sri Muhyiddin Yassin’s reminder that accessing Employees Provident Fund (EPF) members’ Account 1 savings to address the daily challenges caused by COVID-19 could cause larger problems in the future, Chief EPF Officer Alizakri Alias said, “The pandemic has impacted all of our lives where some of us have even lost our jobs and source of income.

"We see real distressing cases where Malaysians are struggling daily to put food on the table to feed their families and to keep a roof over their heads.

"The Prime Minister’s reminder is a hard one to deliver as people are struggling to find the right balance between surviving for today and preparing for tomorrow.”

“Accessing their hard-earned savings in Account 1 should not be the only way for our members to get cash in order to get through these very difficult times.

"The Government has provided numerous direct financial assistance through PRIHATIN, PRIHATIN SME+, PENJANA, and KITA PRIHATIN amounting to RM55 billion for the B40 and M40, as well as other target groups, and the newly vulnerable.

"Additionally, there are also other relief measures, such as allowing access to EPF Account 2 via i-Lestari, with over RM11 billion released to more than 4.7 million members since April this year.”

“Retirement savings are members' insurance for their future well-being, and allowing this withdrawal is equivalent to eroding that protection. I urge our members to make an appointment with our Retirement Advisory Service (RAS) officers to help plan their finances, which can take into account all forms of assistance available and tide them through these tough times.”