According to a message from Deputy Finance Minister Datuk Seri Amar Maslan, the CPF withdrawal scheme cannot be launched again as the median savings of EPF members have dropped significantly.
Amar Maslan pointed out that the median savings of EPF members was RM16,600 in 2016 and dropped by 50% to RM8,100 in 2022.
In terms of ethnicity, the median deposit for Malays was RM16,900 in 2020 and has now dropped to RM5,500, while the median deposit for other indigenous members has dropped from RM10,600 to RM3,300.
The government has launched four EPF withdrawal schemes between 2020 and 2022, namely i-Lestari, i-Citra, i-Sinar, and Pengeluaran Khas, with a total of 8.1 million members putting up RM145 billion in deposits.
Amar Maslan revealed that Prime Minister Datuk Seri Anwar will propose in the 2023 Budget to be presented on February 24 that the annual voluntary EPF contribution limit for members will be increased from RM60,000 to RM100,000.
