PETALING JAYA: The number of people withdrawing their Employees Provident Fund (EPF) accounts in the third quarter of this year has increased by almost 50% compared to the corresponding period last year.
EPF CEO Datuk Azlan Zainol said 107,564 withdrawal applications were approved, a jump of 42.9% from the corresponding period last year. However, the amount disbursed was only RM808.53mil, compared to RM874.44 in the third quarter of last year.
Azlan attributed this to the Basic Savings initiative, which enabled younger members to be eligible for withdrawal.
“Since members can only withdraw up to 20% of the excess amount in their Account 1 funds, younger members will naturally have less funds to withdraw for investment,” he said in a statement.
EPF’s Lump Sum Age 55 Withdrawal remained the most popular option for members who had reached the age of 55, with 29,054 applicants withdrawing a total of RM1,236.14mil.
Under the Flexible Age 55 Withdrawals, which allows members to receive their EPF funds in instalments and on an ad hoc basis rather than as a lump sum, 7,154 members withdrew RM403.51mil.
The take-up rate for the Education Withdrawal remained strong, with 16,663 applications worth RM85.01mil approved, compared with RM87.14mil paid out to 15,877 applicants during the same period last year.
The effects of the economic slowdown is reflected in the decrease of applications for housing withdrawal, with only 108,573 applications approved compared to 135,065.
A total of RM1,577.24mil was disbursed, a drop of 19.5% from RM1,960.32mil from the corresponding quarter last year.
EPF CEO Datuk Azlan Zainol said 107,564 withdrawal applications were approved, a jump of 42.9% from the corresponding period last year. However, the amount disbursed was only RM808.53mil, compared to RM874.44 in the third quarter of last year.
Azlan attributed this to the Basic Savings initiative, which enabled younger members to be eligible for withdrawal.
“Since members can only withdraw up to 20% of the excess amount in their Account 1 funds, younger members will naturally have less funds to withdraw for investment,” he said in a statement.
EPF’s Lump Sum Age 55 Withdrawal remained the most popular option for members who had reached the age of 55, with 29,054 applicants withdrawing a total of RM1,236.14mil.
Under the Flexible Age 55 Withdrawals, which allows members to receive their EPF funds in instalments and on an ad hoc basis rather than as a lump sum, 7,154 members withdrew RM403.51mil.
The take-up rate for the Education Withdrawal remained strong, with 16,663 applications worth RM85.01mil approved, compared with RM87.14mil paid out to 15,877 applicants during the same period last year.
The effects of the economic slowdown is reflected in the decrease of applications for housing withdrawal, with only 108,573 applications approved compared to 135,065.
A total of RM1,577.24mil was disbursed, a drop of 19.5% from RM1,960.32mil from the corresponding quarter last year.
well done to all UTC.
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