The government, on their part, is doing what they can to help ease the burden, including letting those affected by the pandemic to withdraw money from their Employees Provident Fund (EPF) savings.
But now, the government has extended the initiative to all Malaysians.
No restrictions
On Thursday (27 November), Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said that all contributors to the EPF can now apply to withdraw money from their savings.According to Malay Mail, the withdrawal now applies to all Malaysians, regardless of whether they've lost their jobs or they're just in need of cash.
The withdrawal limit is capped at a maximum of RM10,000 for members with lower eligibility, Tengku Zafrul said.
Per the previous announcement, those with higher eligibility -- those with savings above RM90,000 in Account 1 -- are allowed to withdraw 10 per cent of their savings, with a cap of RM60,000.
“The i-Sinar Programme will now be opened to all EPF contributors who have seen their incomes affected.
“Regardless of whether they have lost their jobs or experienced a loss of income, these members are eligible to apply for withdrawal from their EPF Account 1,” he was quoted as saying.
Tengku Zafrul also added that those who are from the formal sector, self-employed, and even active EPF contributors are now allowed to withdraw.
As long as their income has suffered severe losses [they] can withdraw savings from their EPF Account One.
“All they need to do is apply online or at EPF branches.
“[Just need to] show proof of job lost, forced unpaid leave, salary cut, allowance or overtime and income loss if self-employed,” he was further quoted as saying.
According to Tengu Zafrul, the revised i-Sinar Programme will now benefit up to eight million Malaysians.
However, we do need to remind Malaysians that you should only withdraw from your EPF as a last resort, because ultimately, you would need the money more during your twilight years.