Usage of i-Akaun surged 83.45 per cent to 11.09 million
KUALA LUMPUR, 27 December 2018: The Employees Provident Fund (EPF) reported that the usage of its flagship electronic service i-Akaun recorded a surge of 83.45 per cent to 11.09 million in the third quarter of 2018 (Q3 2018), compared with 6.04 million in the corresponding quarter last year.
EPF Deputy Chief Executive Officer (Operations) Dato Mohd Naim Daruwish said, “The EPF’s multiple electronic and self-service channels continue to record satisfactory growth, at a time when physical visits to the counter and kiosks recorded a reduction. This is in line with our strategic thrust to have no less than 80 per cent of our members using our self-service channels.
“In order for us to respond to the evolving needs of our members for seamless online transactions, several more enhancements will be introduced to our online touchpoints, particularly e-Pengeluaran, which will see end-to-end solutions to members’ withdrawal process in addition to the new and improved features.”
During the quarter under review, the total number of approved applications for all withdrawals increased 6.93 per cent to 616,835 from 576,836 in Q3 2017. This amount withdrawn however decreased slightly to RM11.52 million from RM11.68 million from the corresponding period last year.
The total number of approved applications for Age 55 Full Withdrawal in Q3 2018 dropped 53.60 per cent to 16,726 (RM907.35 million) from 36,045 (RM2 billion) in the corresponding quarter in 2017. Approved applications for Age 60 Full Withdrawal recorded an increase of 15 per cent to 14,733 (RM217.77 million) in Q3 2018 from 12,811 (RM280.66 million) in Q3 2017.
In Q3 2018, the EPF also reported a marked increase in the number of applications for flexible withdrawal, compared to full withdrawal. In its third quarter (Q3 2018) Operations results, the EPF reported a 57.76 per cent increase in the approved applications for Age 55 Flexible Withdrawal to 70,955 from 44,976 in the corresponding period in 2017.
Total amount withdrawn under Age 55 Flexible Withdrawal was RM2.72 billion in Q3 2018, compared with RM1.80 billion in Q3 2017. Approved applications for Age 60 Flexible Withdrawal, meanwhile, recorded a 45.70 per cent increase to 43,289 (RM791.95 million) in Q3 2018 from 29,712 (RM662.05 million) in Q3 2017.
As at end September 2018, the number of EPF members totaled 14,091,141, of whom 7,196,502 were active contributors, with 138,376 newly registered members. The quarter under review also saw an increase of 10.74 per cent in the number of newly registered employers to 17,791 from 16,065 in Q3 2017, bringing the total number of registered employers as at end September 2018 to 504,090.
In tandem with the increase in membership, the EPF recorded an 11.56 per cent increase in contributions received in the third quarter to RM16.91 billion from RM15.16 billion recorded in the same quarter last year, bringing the total accumulated members’ contributions to RM785.59 billion, a rise of 9.72 per cent from RM715.97 billion in Q3 2017.
The EPF had recorded a significant increase in the number of visitors, including repeat visitors, to its 28 Retirement Advisory Service (RAS) counters across the country. For Q3 2018, the number of visitors to the RAS counters grew 39.97 per cent to 18,660 from 13,331 in the corresponding period last year.
Dato’ Mohd Naim added, “We are pleased to see the encouraging progress RAS has achieved so far and we are confident that it will become one of the crucial drivers for EPF to transform into an advisory-based organisation.”
For more information on EPF products and services, members can refer to the EPF website atnew.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.
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.