EPF

Finance Minister Tengku Zafrul Abdul Aziz said the scheme will see about RM30bn withdrawn, benefitting some 4mn EPF contributors.

Employees who applied for i-Citra withdrawal under Malaysia's Employees Provident Fund (EPF), in early July, can expect to receive the first payment from 3 August onwards. This was announced by Minister for Finance Tengku Zafrul Abdul Aziz in parliament on Thursday (29 July 2021).

For the unacquainted, Kumpulan Wang Simpanan Pekerja (KWSP), or the EPF, previously announced that via i-Citra, eligible members are allowed to withdraw up to a maximum of RM5,000, subject to the total combined balance in both accounts one and two.

The approved withdrawal amount will be paid out during a period of up to five months, with a fixed monthly payment of RM1,000 per month, subject to savings balance.

According to Malaymail’s report, Minister Zafrul said that this scheme will see approximately RM30bn withdrawn through i-Citra by EPF members – which will benefit some 4mn EPF contributors.

For employees who have yet to apply for this scheme, KWSP shared that they can do so at KWSP’s website, which the department highlighted is an “online-only” application process.

To ease the application process, KWSP reiterated, members must ensure that their mobile phone number matches the one in EPF’s record to receive a one-time password, in addition to having an active bank account to receive the payment.


Image / Malaysia’s Minister for Finance Tengku Zafrul Abdul Aziz’s Facebook

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