KUALA LUMPUR, 3 October 2017: The Employees Provident Fund (EPF) today reported a 35.23 per cent increase in the usage of i-Akaun to 8.45 million from 6.25 million in the same quarter last year.
The i-Akaun facility, which allows members to check their EPF account, also comes in a mobile application platform. Introduced in 2014, the EPF i-Akaun mobile app has been enhanced with more features that allow members to pose queries pertaining to their Housing Withdrawal and check their nomination status.
In announcing the Q2 2017 Operations performance, EPF Deputy Chief Executive Officer (Operations) Dato’ Mohd Naim Daruwish said, “We are very pleased that more members are choosing to use i-Akaun. The EPF continues to be innovative in our service delivery, which is a significant part of our operational performance. We seek transformative opportunities and putting our resources to work so that we are always in line with members’ expectations and demand.
“The first half of the year saw us upgrading some of the features in the i-Akaun mobile app. More enhancements will be introduced by end of this year which include new EPF statement user interface, push notifications, secure inbox and Simpanan Shariah FAQs. This is in addition to the original features such as checking their EPF statements and using the retirement calculator to project their savings.”
Visitor traffic to the myEPF portal in Q2 2017 decreased 5.51 per cent to 5.47 million from 5.79 million in the corresponding period last year. Usage of EPF Kiosks also reported a decline of 8.39 per cent from 2.60 million in Q2 2016 to 2.38 million in Q2 2017. The wide array of e-services now available, especially i-Akaun, also attributed to the 15.04 per cent reduction in the number of visitors to EPF’s service counters nationwide from 932,083 in Q2 2016 to 791,868 in Q2 2017.
Datuk Mohd Naim said the decrease indicated the growing trend among members who chose to go online to obtain information on their EPF account. “This was in line with EPF’s strategic outcome to have at least 80 per cent of members to adopt the self-service method.”
He added that the e-Pengeluaran online service via i-Akaun was another breakthrough, helping members to expedite their withdrawal application processes, by enabling members to submit their withdrawals online.
During the quarter under review, the total number of EPF members increased 1.41 per cent to 15 million from 14.80 million in Q2 2016. Out of that amount, 6.97 million, or 46.47 per cent, were active members. The number of newly-registered employers reduced 2.14 per cent from 15,279 employers in Q2 2016 to 14,952 in Q2 2017.
Total contributions in Q2 2017 increased 7.27 per cent year-on-year to RM16.52 billion from RM15.40 billion in Q2 2016, bringing the total accumulated members’ contributions to RM712.04 billion.
The Age 60 Lump Sum Withdrawal saw a total of 13,957 approved applications amounting to RM358.67 million, whereas Age 60 Flexi Withdrawal saw a total of 27,476 approved applications amounting to RM624.28 million.
Approved applications for Age 55 Flexible Withdrawal in Q2 2017, meanwhile, decreased 50.96 per cent to 44,679 from 91,111 approved applications in the corresponding quarter in 2016. The amount withdrawn under the scheme was RM1.73 billion, compared with RM2.70 billion in 2016 (Q1 2017: 55,925; RM2.21 billion). Approved applications for Age 55 Lump Sum Withdrawal in the quarter under review also reduced 25.32 per cent to 41,031 (RM2.45 billion) from 54,946 (RM2.69 billion) in the corresponding period last year (Q1 2017: 49,371; RM3.30 billion).
The rate of defaulting employers for the quarter was stable at 1.11 per cent, denoting EPF’s efficiency in recovery action as well as increasing awareness among employers towards their employees’ retirement well-being.
For information on EPF products and services, members can refer to the EPF website new.epf.gov.my, 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 Counter or by calling CMC from 8am to 6pm on weekdays. Members can download the i-Akaun mobile application via Google Play or the 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.