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Budget 2021: Gov’t allows RM500 monthly withdrawal from EPF’s Account 1 beginning Jan

Kuala Lumpur – The government has allowed a RM500 fund withdrawal monthly from Account 1 of the Employees’ Provident Fund (EPF) to assist those who have lost their employment, Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz announced today.

In his Budget 2021 speech, Tengku Zafrul said a withdrawal of up to RM6,000 for a period of 12 months is aimed at alleviating financial hardship faced amongst its 600,000 members.

“It is projected that the overall payment for the Account 1 withdrawal will involve RM4 billion. Eligible members can start applying from January 2021 onwards,” he said. – The Malay Mail

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