Last updated : 3/11/19 5:15 PM     

EPF Enhances Withdrawal Processes

KUALA LUMPUR, 5 July 2017: The Employees Provident Fund (EPF) announces that effective 21 July 2017, members will be able to settle their outstanding education loan amount from Account 2 under the Education Withdrawal facility irrespective of the effective date of their education loan agreement.

 

The enhancement will replace the current conditions of Education Withdrawals from Account 2 as outlined in the table below:  

 

Level of Studies

Dates of Loan Agreements Eligible for

Account 2 Withdrawal

Current Condition

New Condition (effective

21 July 2017)

Bachelor’s Degree or equivalent and higher studies for members’ children

1 April 2000

Irrespective of loan agreement dates (subject to withdrawal eligibility)

Diploma or equivalent and higher studies for members

2 January 2001

Diploma or equivalent and higher studies for membersand members’ children

17 January 2006

 

 

EPF Deputy Chief Executive Officer (Operations) Dato’ Mohd Naim Daruwish said, “The enhancement to the policy was done after taking into consideration the feedback from members who faced difficulties in reducing or settling their education loans using their EPF savings.

 

“The EPF serves to create a positive member experience and we always strive to improve all areas that we can while delivering our mandate. We are pleased to note that the enhancement is expected to benefit up to 70,000 of our members who have yet to repay their education loans.”

 

Enhancement on Submission Period for Age 50/55/60 Withdrawal Application Form

 

In addition to the enhancement above, the EPF also announces that effective immediately, members can submit their withdrawal application form 9B (AHL) for Age 50 Withdrawals or Age 55 and Age 60 Full / Partial Withdrawals one (1) month prior to their birth date instead of the previous six (6) months.

 

“Before members make any withdrawals, we strongly encourage them to visit our Retirement Advisory Services located in 18 branches throughout Malaysia to receive free advice on the best withdrawal option that fits their needs,” added Dato’ Mohd Naim.

 

For further information and enquiries on the changes in the withdrawal policies, please call the EPF Contact Management Centre at 03-89226000, browse the EPF website at new.epf.gov.my or visit any EPF branches nationwide.

 

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.