PM: Govt to study proposal to allow EPF Account 1 withdrawals

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The government is studying the suggestions to allow certain contributors such as laid-off workers to withdraw funds from Account 1 of their Employees’ Provident Fund (EPF)."I have discussed with the Finance Ministry and we basically agreed and are prepared to study the proposal for contributors who really need to withdraw allocations from Account 1," Prime Minister Muhyiddin Yassin said today.The government had already implemented a relaxation in 2020 relating to the EPF, especially in allowing workers’ contribution rate reduced to 7.0 per cent from 11 per cent and also the i-Lestari withdrawal from Account 2 of RM6,000 per contributor.Almost 70 percent of the EPF members had opted to reduce the workers’ contribution to 7.0 percent which now have increased the disposable income to close to RM700 million per month, he said in an interview with local media ahead of Bud…