In tabling Budget 2021 on Friday, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz told the Dewan Rakyat that the targeted facility to withdraw EPF savings from Account 1, as much as RM500 per month, amounting up to RM6,000 for 12 months, is well on track.
This withdrawal is to assist EPF members who have lost their jobs, and is expected to lighten the financial burden of 600,000 affected members.
Taking into account both the i-Lestari initiative as well as the Account 1 withdrawal facility, the total of cash withdrawal is up to RM12,000.
It is projected that the total payment for Account 1 withdrawals will involve RM4bil.
Eligible members can apply starting January 2021.
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