Last updated : 3/7/19 4:28 PM     

EPF Announces Q2 2018 Operations Results

KUALA LUMPUR, 4 September 2018: The Employees Provident Fund (EPF) reported a marked increase in the number of applications for flexible withdrawal compared with full withdrawal. In its second quarter (Q2 2018) Operations results, the EPF reported a 48.65 per cent increase in the approved applications for Age 55 Flexible Withdrawal to 67,969 from 45,723 in the corresponding period in 2017.

 

Total amount withdrawn under Age 55 Flexible Withdrawal was RM2.92 billion in Q2 2018, compared with RM1.78 billion in Q2 2017. Approved applications for Age 60 Flexible Withdrawal, meanwhile, recorded a 43.16 per cent increase to 40,276 (RM861.30 million) in Q2 2018 from 28,133 (RM637.61 million) in Q2 2017.

 

EPF Deputy Chief Executive Officer (Operations) Dato Mohd Naim Daruwish said, “We are very pleased that the total number of flexible withdrawals has seen steady increase every quarter. This reveals members’ growing preference to retain part of their savings with the EPF, in order to continue receiving dividends on the balance in their account. 

 

“There are several options under the Flexible Withdrawal and we strongly encourage members who have reached age 55 or 60 to seek free advice from our Retirement Advisory Service (RAS) to understand the options that suit their financial position and needs before deciding on which type of withdrawal to make.”

 

The EPF, he added, had recorded a significant increase in the number of visitors, including repeat visitors, to its 28 RAS counters across the country. For Q2 2018, the number of visitors to the RAS counters grew 27.42 per cent to 16,696 from 13,103 in the corresponding period last year.

 

“The efficacy of our RAS team encourages us to continue to explore ways to enhance and strengthen our activities. This includes reaching out to more customers to increase awareness and knowledge in managing their personal finances and savings, and to enable their retirement well-being,” said Dato’ Mohd Naim.

 

During the quarter under review, the total number of approved applications for all withdrawals increased 4.87 per cent to 598,919 from 571,130 in Q2 2017.  This involved the total amount being withdrawn in Q2 2018 to RM12.65 billion, compared with RM12.48 billion in the corresponding period in 2017.

 

The total number of approved applications for Age 55 Full Withdrawal in Q2 2018 dropped 50.45 per cent to 20,769 (RM1.30 billion) from 41,914 (RM2.51 billion) in the corresponding quarter in 2017. Approved applications for Age 60 Full Withdrawal recorded a slight increase of 8.97 per cent to 15,554 (RM291.32 million) in Q2 2018 from 14,273 (RM366.20 million) in Q2 2017.

 

As at end June 2018, the number of EPF members totaled 13,996,515, of whom 7,213,774 were active contributors, with 115,125 newly registered members. The quarter under review also saw a slight drop of 2.57 per cent in the number of newly registered employers to 14,568 from 14,952 in Q2 2017, bringing the total number of registered employers as at end June 2018 to 499,321.

 

In tandem with the increase in membership, the EPF recorded a 9.99 per cent increase in contributions received in the second quarter to RM18.17 billion from RM16.52 billion recorded in the same quarter last year, bringing the total accumulated members’ contributions to RM780.07 billion, a rise of 9.55 per cent from RM712.04 billion in Q2 2017.

 

The EPF’s multiple electronic and self-service channels continue to record satisfactory growth.  During the quarter under review, the usage of i-Akaun jumped 72.02 per cent to 9.55 million usage, compared with 5.55 million in Q2 2017. Through i-Akaun, members are able to submit applications for housing or education withdrawal via e-Pengeluaran, while employers can submit their contribution details (Form A) and make contribution payments online via e-Caruman.

 

In Q2 2018, a total of 58,304 applications sent via e-Pengeluaran had been approved, amounting to RM3.23 billion. Out of this, a total of 36,101 applications (RM1.62 billion) was for Education Withdrawal.  Starting April 2018, all submission of applications for education withdrawal by higher learning institutions and education loan providers participating in e-Pengeluaran must be done online and submissions through EPF counters will no longer be accepted.

 

As at June 2018, a total of 424,279, or 99.97 per cent, of employers submitted their contribution details (Form A) via e-Caruman, while 354,888, or 83.89 per cent, of employers utilised the e-Payment system to make contribution payments amounting to RM4.07 billion.

 

“We are extremely pleased to have achieved our strategic outcomes of having more than 60 per cent of employers using our electronic channels to submit contribution details as well as make contribution payments. We hope to see more positive growth in our transformation journey to become a digital organisation, in line with changing member demographics and expectations,” Dato’ Mohd Naim said.  

 

For more information on EPF products and services, members can refer to the EPF website at new.epf.gov.my, or contact the EPF Contact Management Centre (CMC) at 03-89226000, or visit any of the 67 EPF branches nationwide. To register for i-Akaun, members need to obtain an activation code via EPF Kiosks, EPF counters or by calling CMC from 8am to 6pm on weekdays. Members are also encouraged to download the i-Akaun mobile application for free via Google Play or Apple App Store.

 

Q2 2018 Operations Statistics (Indicator 1-5)

Q2 2018 Operations Statistics (Indicator 6)

 

About the Employees Provident Fund (EPF)

The Employees Provident Fund (EPF) is Malaysia’s premier retirement savings fund to help its members achieve adequate savings for a comfortable retirement. This is in line with EPF’s vision to help members achieve a better future and the mission to safeguard members’ savings and deliver excellent services. The EPF has evolved significantly from transaction-centric to a professional fund management organisation with a strong focus on retirement security. The EPF is guided by a robust and professional governance framework when making investment decisions. It continues to play a catalytic role in the nation’s economic growth and seeks to cultivate a savings and investment culture among its members to improve the country’s financial literacy level.