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The government allows the general public to withdraw funds from the EPF account, limiting the KWSP from expanding its investment activities.

24/01/2023

Withdraw funds from EPF account will limit the KWSP’s investment activities.

According to the KWSP’s chief strategy officer, 8.1 million members withdrew funds from their EPF accounts during the epidemic, causing the KWSP to miss out on expanding investment activities.

The KWSP has launched four withdrawal schemes in response to the pandemic, namely i-Lestari, i-Sinar, i-Citra, and Pengeluaran Khas. These four withdrawal plans allow members to withdraw funds from the EPF’s first and second accounts.

The EPF’s total assets are RM1 trillion, and 8.1 million members have withdrawn RM145 billion through withdrawal schemes, accounting for 15% of the assets. More investment income will be generated if the KWSP makes good use of the RM145 billion allocated to expanding investment.

Many people have recently continued to put pressure on the government to implement a withdrawal plan. In this regard, Prime Minister Dato Sri Anwar pointed out that allowing people to withdraw funds from their EPF accounts will only result in people having less EPF.

Anwar believes that the government should find a better way to assist people in improving their lives and economic difficulties, and that allowing people to withdraw money from their EPF accounts will only reduce savings.

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