PR1MA new end-financing scheme comes with strings attached

PETALING JAYA: The Employees Provident Fund today announced that while finer details of the PR1MA New End-Financing Scheme initiative is yet to be finalized, those opting for the facility will no longer be able to make all other pre-retirement withdrawals under Account 2.
EPF confirmed that a facility will be introduced for members who meet PR1MA's eligibility criteria and are making EPF housing withdrawal for the first time, however members choosing the facility, will no longer be able to make all other pre-retirement withdrawals under Account 2, namely the medical, education, age 50 and Hajj, until full settlement of the PR1MA loan has been made.
 
The EPF is working with PR1MA, Bank Negara Malaysia and the participating banks to finalise the implementation details, which will be announced in due course.
Once the details have been finalised, members are encouraged to seek advice from the EPF's Retirement Advisory Services to assist in making an informed decision prior to choosing this facility.
Members may also refer to PR1MA's website at http://www.pr1ma.my or PR1MA's call centre at 03-7962 4374 for more information about this scheme.