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Wealth

Malaysia Allows Citizens To Tap Pension Fund Again, In Policy U-Turn

  • Citizens can withdraw up to 10,000 ringgit each from EPF
  • PM urges people to use facility only to meet urgent needs
Ismail Sabri Yaakob
Ismail Sabri Yaakob

Photographer: Vincent Thian/AP Photo

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Malaysia will once again allow its citizens to withdraw up to 10,000 ringgit ($2,381) of their retirement savings from the Employees Provident Fund, to help rebuild their lives after two years of virus restrictions.

The decision was a difficult one to make, as it involves citizens’ retirement funds, Prime Minister Ismail Sabri Yaakob said in a briefing Wednesday. The move is meant to balance immediate, pressing needs and future savings, he added after chairing the weekly cabinet meeting.