Will the Employees Provident Fund (EPF) review the withdrawal of money for its members who have lost their jobs?

 A withdrawal program should be implemented by the EPF to lessen the burden in time of economic downturn.

 (a)

EPF has no plans to allow contributors to withdraw their savings for everyday needs and their children's education because it is inconsistent with the objectives of EPF. EPF savings are for retirement purposes and any new withdrawal scheme for non-retirement purposes will affect and reduce the amount of members' savings for their retirement.

 

 (b)

To ensure that members' savings are sufficient to make a living during retirement, EPF has had to limit the withdrawal before retirement. Withdrawals allowed now are for housing, health and investment through the Fund Management Institution is sufficient. Therefore, the withdrawal to meet the daily needs should not be allowed.