The Government has announced that FNPF members between the ages of 50 to 54 years who have FNPF balance of up to $10,000, and affected due to COVID-19, will now be able to withdraw funds from their account.
While making the announcement in the 2021/2022 National Budget, Minister for Economy, Aiyaz Sayed-Khaiyum says this will provide financial support to these members to support their livelihood and members can also use these funds to set up small businesses.
Other affected members will also be able to withdraw up to $10,000 for business-related purposes.
Sayed-Khaiyum says this will be an injection of around $30 million in the economy and around 15,000 members qualify to withdraw their funds.
He has also announced the FNPF Employer-Employee contribution to be increased from 5 to 6%.
FNPF has also extended the COVID-19 Home Loan Assistance until 31st September 2021 with acceptance of moratoriums dated after 31st March 2021.
The Minister for Economy says this assistance will enable members to dip into their preserved account to help pay for their mortgage or monthly repayments.
Members are also able to access 100 percent of their General Account and 50 percent of their Preserved Account.
As at end of June 2021, around 1,911 members have accessed this assistance with a total value of $15.3 million.
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