Zafrul urges EPF to be more flexible with Account 1

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Finance Minister Tengku Zafrul Aziz delivering his 2021 budget address on Nov 6. (Bernama pic)KUALA LUMPUR: Finance Minister Tengku Zafrul Aziz has advised the Employees Provident Fund (EPF) to allow more contributors to withdraw from Account 1.The minister said he held discussions with the fund’s management today and the board had said they would announce details on who would be eligible to make withdrawals.“My advice to the EPF management is to increase the number (above the target) and give the flexibility for more contributors to withdraw,” Tengku Zafrul said in an interview with TV3 tonight.In the budget proposals tabled on Friday, only those who lost their jobs because of the Covid-19 pandemic would be allowed to withdraw from Account 1, which comprises the pension fund portion of EPF savings. The budget proposal was for withdrawals of RM500 a month for up to 12 months, …