Home Economy & Finance Ismail Sabri Urged Another Round of EPF Withdrawals Immediately
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Ismail Sabri Urged Another Round of EPF Withdrawals Immediately

KUALA LUMPUR 7 March 2023 – Former Prime Minister Dato’ Sri Ismail Sabri Yaakob urged the government to allow targeted withdrawals from the Employees Provident Fund (EPF) as the people need the money now and not another 15 years down the line.

 “People are facing hardship now, their houses are being auctioned now, their children going to university now and they are about to be declared bankrupt now. They can’t wait for the next 15 years as their houses will be auctioned off and declared bankrupt.”

Ismail Sabri who is the Bera Member of Parliament was speaking in his debate on the Supply Bill 2023 in the Dewan Rakyat on Tuesday. He added the proposal to allow another round of EPF withdrawals was also raised by many parties on numerous occasions.

“Make it targeted withdrawals to the people who need it and subject to terms by the government. Don’t shut the doors on people who appealed to it. May there be a ray of hope for the people on this matter.”

However, Ismail Sabri thanked the government for the RM500 aid allocation for EPF members who are B40. It was announced in the new budget for 2023 tabled in the Dewan Rakyat last month by Prime Minister Datuk Seri Anwar Ibrahim.

“The effort by the government is good and noble. Nevertheless, the effects of the aid would only be felt years later. If the contributor is 40 years old, then it means only 15 years later can the person withdraw the money to use.”

During the tabling of Budget 2023, Anwar aid the RM500 would be credited into the accounts of EPF members aged between 40 and 54 who have less than RM10,000 in their Account 1.

Anwar had said the programme would benefit two million EPF members with an allocation of almost RM1bil.

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