fbpx
Connect with us

News

EPF: Almost 30% Of EPF Members Have Withdrawn All Their Account 1 Savings, Leaving Only RM100

Published

Kwsp
Source: The Star & The Malaysian Reserve

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Nearly 30 per cent of the Employees Provident Fund (EPF) members have withdrawn their retirement savings from Account 1 after they were allowed to, in order to soften the blow of the pandemic which hit the country sometime around March last year.

As reported by Sinar, Chief Executive Officer, Tunku Alizakri Alias, actually ​​revealed that this is happening despite the success of the Employees Provident Fund (EPF) giving a relatively high dividend to its members even though the country was facing various challenges in 2020. He said,

“We find that many members’ savings have decreased. We believe about 30 percent of them have withdrawn almost all of their retirement money in Account 1. They only have to leave RM100 in the account as a condition. The EPF is a bit worried about this, we will continue to do more activities as well as awareness campaigns on the importance of savings for old age.”

Meanwhile, the EPF also informed that a total of RM18.1 billion in savings has been withdrawn by 5.16 million members through the i-Lestari withdrawal scheme launched earlier. Apart from that, the EPF also allows members to reduce their compulsory contributions from 11 per cent to 7 per cent effective April 2020 until December 2020. It is to help ease the burden of those affected by the Covid-19 pandemic.

Did you withdraw from your EPF Account 1? Is it OK to do so or are you putting yourself in danger by not having any savings to prepare yourselves for the future?

 

Also read: Study: It Will Take 7 Years For The Pandemic To Be Truly Over Based on Vaccine Rollout

Screenshot 2021 02 28 At 8.58.06 Am


Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Pm Shirt Pm Shirt
News6 hours ago

“That’s my salary for 3 months,” Netizens React To This RM6900 Burberry Shirt That The PM Wears

Netizens are talking about Malaysia’s prime minister Ismail Sabri’s shirt again, this time, it’s an RM6,900 red shirt from Burberry....

Feat Image Largest Subsidies Feat Image Largest Subsidies
News6 hours ago

Finance Minister: Govt To Give RM77.3 Billion In Subsidies For The Rakyat This Year, Largest In History

Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz has revealed that the projected consumption subsidy expenditure so far for 2022...

Subs Ft Subs Ft
News6 hours ago

“Do not remove subsidy or we will take it to the streets,” IIUM & UM Student Unions To The Govt

In a joint statement, the IIUM Student Union and University Malaya Students’ Union urge the government to eliminate the action...

Feat Image Govt Remain Subsidies Feat Image Govt Remain Subsidies
News2 days ago

PM: Electricity, Water Tariffs in Peninsula M’sia Unchanged, Price Ceiling For Chickens Won’t Be Abolished

Prime Minister Datuk Seri Ismail Sabri Yaakob has announced that the government will track back its decisions and will not...

My Post 100 My Post 100
News2 days ago

KJ: New Wave Of Covid-19 Coming Sooner Than We Thought

Malaysia is expected to face a new wave of Covid-19 sooner than we all think, sooner than the two or...

Ft Hashim Ft Hashim
News2 days ago

HR Ministry: Employees Can Apply For Flexible Work Arrangements Starting From Sept 1

The Covid-19 pandemic has proven that working from home (WFH) is doable. During the height of the crisis, the government...

Collage 23 1 Collage 23 1
News2 days ago

“Gov’t Ministers’ Salaries Should Be Cut 20%,” Says Tan Sri Rafidah Aziz

Malaysians know that the Ministers in the country earn at least five figures in a month, and that is A LOT more...

Collage 21 1 Collage 21 1
News3 days ago

Kelantan Man Attempts Suicide But Changes His Mind When His Family Brings Over Lunchbox

Times are tough are there are tons of reasons that may trigger a person to end their life, but it...

Announcement

Latest Videos



TRENDING TODAY