Last updated : 3/13/19 12:55 PM     

Members Can Now Make Housing And Education Withdrawals Via e-Pengeluaran

KUALA LUMPUR, 22 April 2016: The Employees Provident Fund (EPF) today announces the expansion of the e-Pengeluaran online facility to include Education Withdrawals, which allows members to submit their application online to withdraw from their EPF savings to fund their own or their children’s education fees at local higher learning institutions.

 

After Housing Withdrawals, the Education Withdrawals is the latest and second addition to e-Pengeluaran, which has been further enhanced with an increase in the number of participating financial institutions.  From the initial RHB Bank, other financial institutions now participating in e-Pengeluaran include RHB Islamic, Maybank, Bank Islam, Oversea-Chinese Banking Corporation (OCBC), Bank Simpanan Nasional (BSN), Ambank and United Overseas Bank (UOB).

 

In a statement today, EPF Deputy Chief Executive Officer (Operations) Dato’ Mohd Naim Daruwish said, “The e-Pengeluaran is one of EPF’s breakthrough service to enable members with i-Akaun to submit their withdrawal applications anytime, anywhere.”

 

“Every quarter, the number of withdrawal applications, especially housing withdrawals increases, hence we saw the need to simplify the process and reduce lead time for withdrawal applications, which led to the development and introduction of e-Pengeluaran.”

 

The e-Pengeluaran facility, introduced in 2013, started with limited housing withdrawals. Under the newly enhanced e-Pengeluaran, members now are able to submit applications, subject to terms and conditions, for:

 

1. Housing Withdrawals

•   Reduce/redeem housing loan

•   Repayment of housing loan monthly instalments

•   Purchase or build a house

 

2. Education Withdrawals

•   Funding of member’s or member’s children education fees, at local higher learning institutions participating in e-Pengeluaran

•   Repay outstanding balance for education loans taken from participating loan provider institutions     

 

Dato’ Mohd Naim said members are encouraged to use the e-Pengeluaran facility as it is a more efficient alternative to submitting their housing or education withdrawal applications at EPF branches. From the first roll-out in 2013 until April 2016, a total of 64,297 applications for various types of withdrawals have been sent via e-Pengeluaran, amounting to a total of RM32.35 million approved.

 

There are currently 10 higher learning institutions being assessed for integration with e-Pengeluaran, of which three institutions, namely International Islamic University Malaysia (IIUM), Multimedia University (MMU) and Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN), have been confirmed.

 

“We are working towards having more institutions and banks participate in e-Pengeluaran in order for more members to experience the benefit of withdrawal at their fingertips from this online facility,” said Dato’ Mohd Naim.

 

Apart from the convenience of sending applications online, the e-Pengeluaran facility allows members to check the eligible amount for withdrawal for a particular scheme and facilitates the crediting of the approved amount directly into member’s or participating bank’s account.

 

e-Pengeluaran is available to all members with i-Akaun. Members who have yet to register for i-Akaun can do so by contacting the EPF Call Management Centre at 03-8922 6000 or via EPF kiosk or by visiting any EPF branches or via an EPF Mobile Team.

 

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.