Last updated : 3/12/19 11:56 AM     

No Change To Current Types Of Withdrawal

With regards to the several news reports which carried the statement by Deputy Finance Minister Datuk Lee Chee Leong on the proposal to resume EPF withdrawal for computer purchase under the second account, the Employees Provident Fund (EPF) would like to clarify that we have yet to receive any proposal to reactivate this withdrawal facility. As of now, there is no change to the current types of EPF withdrawal. 

 

The earlier Computer Purchase Withdrawal Scheme (CPWS), which was introduced in 2001, had to be discontinued a year after, in August 2002, following cases of abuse where it was found that the intended withdrawal was not to purchase a computer.

 

The EPF would like to stress that the EPF savings is to fund for members’ retirement and the pre-retirement withdrawal facilities were introduced to cover basic needs such as buying a house, pay for medical costs and for education.

 

Issued by:

Corporate Affairs Department

Employees Provident Fund

Date: 16 January 2017