Massive withdrawals of RM3.12 billion in Q2 2015 from EPF

A total of RM3.12bil was withdrawn under the Employees Provident Fund’s (EPF) “Flexible Age 55 Withdrawal” scheme in the second quarter of 2015.

It said on Monday this was an increase of 72.3% from the RM1.81bil in Q2, 2014 and also higher by 16.4% from RM2.68bil in Q1 2015.The EPF also said in Q2 2015, a total of 80,890 applications for “Flexible Age 55 Withdrawal” was approved. This was an increase of 36.23% from a year ago at 59,379 (77,865 in Q1 2015).

Meanwhile, the total number of approved applications for members participating in the EPF Members’ Investment Scheme (EPF-MIS) increased 39.78% in Q2 2015 to 151,666 applications approved, compared with 108,503 a year ago.“The amount of investment made during the quarter was RM1.55bil, up 29.24% from RM1.20bil in Q2 2014,” it said.

EPF chief executive officer Datuk Shahril Ridza Ridzuan said the EPF reported a 101.27% increase in the usage of i-Akaun to 3.33 million in Q2 2015 from 1.65 million a year ago.The quarter under review also showed an increase of 62.47% in the number of visitors to myEPF website (www.kwsp.gov.my) from 3.04 million in Q2, 2014 to 4.93 million in Q2, 2015.

“The increase in our electronic services was a result of members’ increasing awareness of the online facility’s convenience in checking their EPF statements and updating their profiles without having to be present at EPF branches for the purpose.

“For members who have yet to register for i-Akaun, we encourage them to do so as the EPF is actively enhancing our operational efficiencies to serve our members anytime, anywhere. Moving forward, our operations will see less resource-intensive transactions with members and partners, and more on delivering speedier service and convenience,” he said.

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Shahril said the i-Akaun can be accessed via myEPF website and also via the “EPF i-Akaun” mobile app.The app, which is available for smartphones and tablets with Google Android and Apple iOS, makes checking EPF statement faster and simpler.

“Members can also keep track of their savings against the Basic Savings quantum, which is a guideline to help members better manage their future retirement well-being,” he said.Members participating in the EPF-MIS can now obtain information via the EPF-MIS Information Portal on unit trust funds offered under the scheme as well as Fund Management Institutions (FMIs) managing these unit trust funds.

The portal, which was launched in April, is an initiative by the EPF to encourage members to do their own research on the unit trust funds offered and FMIs before deciding to make any investment.As at June 30, 2015, total EPF members stood at 14.36 million, of which 6.72 million are active members who continue to contribute to their retirement savings.

“The total EPF members was an increase of 2.22% from 14.05 million in Q2 2014. The quarter under review also saw 18,903 new employers registered with the EPF, adding to the number of employers to 536,317, up 1.97 per cent from 525, 932 in Q2 2014.

“The EPF’s electronic services also include the e-Caruman facility for employers, which was designed to make submission of employees’ contribution details easier and faster. We highly encourage employers to use the e-Caruman as it also allows them to make payments online as well as eliminate errors when filling up the forms manually,” Shahril said.

Among the participating banks for making online payments include Maybank, CIMB, Hong Leong, Public Bank, Bank Islam, RHB Bank, AmBank, UOB and Affin Bank.

The e-Pengeluaran is another online facility which enables members to submit their housing withdrawals application through i-Akaun. To register for i-Akaun, members need to obtain the activation code by contacting the EPF Call Centre at 03-8922 6000 or via EPF kiosk or at any EPF branches.-TheStar

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