EPF RECEIVES 5.3 MILLION APPLICATIONS UNDER THE SPECIAL WITHDRAWAL FACILITY
KUALA LUMPUR, 16 April 2022: The Employees Provident Fund (EPF) announces that as of 8pm on 14 April 2022, it has received a total of 5.3 million applications under the Special Withdrawal facility after it was opened to members on 1 April 2022. The total number of applications is equivalent to RM40.1 billion. The payments will be made in batches, with the first batch set to commence from 20 April 2022.
The EPF revealed that the number of applications received represented 44% out of the 11.95 million members who were eligible to withdraw their savings under the facility. Breaking down by wage groups, this represented 55% of eligible B40 members (those earning less than RM1,700), 59% of M40 members (RM1,701 - RM4,900), and 39% of T20 members (earning above RM4,900). A further 29% of informal1 and inactive2 members also applied.
The Bumiputera Malays made up the bulk of applicants by race at 63%, followed by the Chinese at 12%, and Indians at 7%. The remaining 17% were Bumiputera Sabah and Sarawak, and non-Malaysians. Based on feedback from members applying for the facility, the three top reasons for applying included reduction in income/ wage (24%), assist affected spouse/ family members (23%), and increase sources of income (14%); while utilisation of proceeds will be for the purpose of supplementing daily/ monthly essential expenditure (40%), settling outstanding debts (26%), increasing emergency fund (8%), and assisting affected family members (7%), with the remaining 19% for other purposes such as paying for children’s education, non-essential expenditure, and investment.
The closing date for the Special Withdrawal facility is on 30 April 2022 and members can continue to apply through the dedicated portal at pengeluarankhas.kwsp.gov.my. The EPF has put in place measures to prevent irresponsible third parties or scammers from making fake submissions and posing a danger to members’ savings. Members are strongly advised not to share photos or documents of their Special Withdrawal submissions on social media and to exercise caution when withdrawing their money to avoid falling victim to potential scams and fraudsters.
The EPF reminds members to consider their long-term income security and only withdraw their savings if it is absolutely necessary, and utilise the money wisely and for appropriate purposes.
Further details on the Special Withdrawal facility can be obtained via ‘Ask ELYA’ in the EPF website at www.kwsp.gov.my, EPF Facebook, Twitter and Instagram, or contact the Special Withdrawal Facility hotline at 03-8922 4848. Members may also consult the EPF’s Retirement Advisory Service at EPF branches throughout the country for advice on their EPF savings.
Issued by EPF Media Desk
Corporate Affairs Department
16 April 2022
About the Employees Provident Fund (EPF)
The Employees Provident Fund (“EPF”) is one of the oldest retirement funds in the world. Established in 1951, the EPF is a social-security organisation focused on safeguarding member savings and delivering excellent services. In recent years, in line with its vision of helping members achieve a better future, the EPF has expanded its role to encompass the creation of a comprehensive social well-being ecosystem. Today, the EPF remains steadfast in its commitment to members through consistent efforts to update and improve itself, in order to build the foundation for sustainable, holistic and equitable well-being for all Malaysians.
1. Informal refers to members who are self-employed or do not have an employer or under any formal employment arrangements. These members are not mandated to contribute to EPF and are allowed to make voluntary contributions.↩
2. Inactive refers to members who have not made any new contributions for more than one year.↩