The Employees’ Provident Fund (EPF) today revealed further details regarding the 2022 Special Withdrawal which allows members to withdraw up to RM10000. Taking to its official Facebook page, the statutory body revealed that members can apply starting from 1 April and only one single payment will be made to members under the scheme, starting from 20 April 2022.
To be eligible for the Special Withdrawal, members must be under 55 years old and have at least RM150 remaining in their EPF accounts. Besides Malaysian citizens, the scheme is available for non-Malaysian citizens too, including Permanent Residents.
Furthermore, EPF also announced that eligible members can withdraw a minimum of RM50 all the way up to RM10000 under the scheme. Withdrawals will also be deducted from EPF members’ Account 2 and will only start deducting from members’ Account 1 if the balance in Account 2 has been exhausted.
EPF also allows for withdrawal of up to RM10000 only if its members would still have at least RM100 balance in their Account 1 after the withdrawal. Moreover, once the application has been sent with the member’s desired withdrawal amount, the application can’t be amended or cancelled.
The statutory body further announced that the 2022 Special Withdrawal will be given highest priority currently, compared to other EPF withdrawal applications by its members. Besides that, EPF also reminded its members to perform a few simple tasks in order to ensure a smooth application process.
These include updating their profiles with their latest mobile phone number, checking their current EPF account balance and to ensure that their bank accounts linked to EPF are currently active. Furthermore, members are also reminded to check whether their EPF accounts are registered under their own name and not a joint account or a company account.
This is because the 2022 Special Withdrawal is only applicable for EPF employee accounts under an individual’s name. For EPF members that don’t have any bank accounts, the statutory body said that these individuals can still apply but choose a different method of payment. For more information, EPF said that it will be publishing Frequently Asked Question (FAQ) section soon.
What do you guys think of EPF’s latest information on the 2022 Special Withdrawal? Would you be applying for the scheme?
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