EPF Announces Reclassification Of Members And Employers Data
New statistics starting Q3 2017 Operations report
KUALA LUMPUR, 14 December 2017: The Employees Provident Fund (EPF) announces the reclassification of data involving the number of EPF members and employers starting this year’s third quarter (Q3 2017) Operations results.
The reclassification exercise is to distinguish between accounts with savings and those with zero savings (dormant accounts). Data on employers, meanwhile, is reclassified between those with ‘employer’ status as stipulated in the EPF Act 1991 and the self-employed status.
The EPF’s database system will automatically update any changes to the members’ or employers’ account status. The reclassification of data does not affect contribution amount or withdrawal statistics.
In a media briefing today, EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan said, “The EPF deals with vast amount of data as the number of our members and employers have grown significantly over the past 66 years. The reclassification exercise is necessary to provide greater transparency and clarity to the status of accounts and to ensure our statistics conform to the current provision in the EPF Act.
“Starting this quarter onwards, the total number of EPF members will be based on accounts with savings only. This will later be reflected in the upcoming EPF Annual Report 2017.”
He added that all dormant accounts would remain open for members below 75 years old in order to provide them the opportunity to re-contribute to their account for their retirement well-being.
Updated data as at 30 September 2017 (Q3 2017)
The table below shows the updated data arising from the reclassification exercise and explanation for the changes:
TOTAL EPF ACCOUNT HOLDERS (AS AT 30 SEPT 2017)
(will be used in Q3 2017 onwards)
Revision of the total number of members by excluding those with zero balance in their EPF account in order to conform to the current definition of a ‘member’ in the EPF Act.
TOTAL EMPLOYERS (AS AT 30 SEPT 2017)
(will be used in Q3 2017 onwards)
(re-classified as members)
Revision of the total number of employers by excluding those with the self-employed status, who were initially registered under the previous policy, as ‘employer’.
Quarterly Operations Results as at 30 September 2017
Total contributions recorded in the quarter under review increased 7.87 per cent year-on-year to RM15.90 billion from RM14.74 billion in Q3 2016, bringing the total accumulated members’ contributions to RM715.97 billion (represented by the reclassified statistics of 13.7 million members).
The Age 60 Lump Sum Withdrawal saw a total of 12,811 applications approved, amounting to RM280.66 million, while the Age 60 Flexi Withdrawal recorded 29,712 approved applications amounting to RM662.05 million.
Approved applications for Age 55 Flexible Withdrawal in Q3 2017, meanwhile, decreased 48.11 per cent to 44,976 from 86,684 approved applications in the corresponding quarter in 2016. The amount withdrawn under the scheme was RM1.80 billion, compared with RM2.53 billion in 2016 (Q2 2017: 45,723; RM1.78 billion). Approved applications for Age 55 Lump Sum Withdrawal in the quarter under review also reduced 23.31 per cent to 36,045 (RM2 billion) from 46,999 (RM2.29 billion) in the corresponding period last year (Q2 2017: 41,914; RM2.51 billion).
Visitor traffic to the myEPF portal in Q3 2017 increased 5.19 per cent to 5.89 million from 5.60 million in the corresponding period last year. Usage of EPF Kiosks reported a decline of 11.83 per cent from 3.29 million in Q3 2016 to 2.90 million in Q3 2017. Usage of i-Akaun increased 33.19 per cent to 6.04 million in Q3 2017 from 4.54 million in Q3 2016. The wide array of
e-services now available also attributed to the 37.29 per cent reduction in the number of visitors to EPF’s service counters nationwide from 1.25 million in Q3 2016 to 785,526 in Q3 2017.
For information on the reclassification exercise and 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.
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.