The controversial EPF Special Withdrawal announced by Prime Minister Datuk Seri Ismail Sabri during his party convention has thus far seen 5.3 million applications with over RM40.1 billion worth in savings withdrawal to be approved before being dispersed.
The RM10,000 one-off withdrawal was approved by the Prime Minister soon after his party won the Johor election despite many in the corporate community feeling it would have a long-term impact when members retire.
According to EPF, the application breakdown was higher among members in the M40 category with 59% while the B40 with 55% and T20 was 39%. In terms of demographics, Bumiputera Malays constituted 63%, Chinese 12%, Indians 0.7% while Bumiputera Sabah, Sarawak, and non-Malays 17%.
Finance Minister who first approved EPF withdrawal under the i-Lestari, i-Citra and i-Sinar initiative where RM101 billion was withdrawn, stood firm on future withdrawals from the pension fund. However, due to the misery faced by communities impacted by the floods and the pandemic, the government agreed to the RM10,000 Special EPF withdrawal.