Last updated : 3/12/19 2:22 PM     

EPF Records Surge In e-Pengeluaran, i-Akaun Usage

Electronic channels enhance customer experience in EPF transactions

 

KUALA LUMPUR, 23 September 2016: The Employees Provident Fund (EPF) today reported increased usage in its e-Pengeluaran online facility after it was extended to include applications for Education Withdrawal and Health Withdrawal earlier in April. This is in addition to making EPF withdrawals for housing via e-Pengeluaran as a more efficient alternative for members to submit their withdrawal applications.

 

The EPF’s second quarter (Q2 2016) Operations performance saw its online platform, comprising i-Akaun, EPF Kiosks and myEPF, continue to be the preferred mode of transaction with the EPF. The usage of i-Akaun increased 44.26 per cent from 3.33 million in Q2 2015 to 4.81 million end June 2016. The number of usage of EPF Kiosks during the quarter under review increased 25.87 per cent to 3.47 million, compared with 2.75 million in Q2 2015.

 

In announcing the Q2 2016 Operations performance, EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan said, “Our services have evolved dramatically in order to suit the changes in time and expectations of our members. The e-Pengeluaran facility is a growing part of our business and transactions as it provides greater convenience for members to submit their withdrawal applications. Banks participating in e-Pengeluaran have also reported significant reduction in turnaround time as well as improved daily productivity.”

 

Currently, banks participating in e-Pengeluaran include Maybank, RHB Bank, Bank Islam, Bank Simpanan Nasional, OCBC Bank, Ambank, UOB Bank and CIMB Bank. Datuk Shahril said the EPF was seeking to increase the number of banks participating in e-Pengeluaran to allow more members to benefit from the online facility.

 

As at end June 2016, the e-Pengeluaran recorded a total of 18,707 approved applications for Education Withdrawals since the online facility for Education Withdrawals is made available beginning April this year. The surge is most pronounced in June, in which a total of 12,422 Education Withdrawals were approved in the month alone, with the majority being to settle the National Higher Education Fund Corporation (PTPTN) education loans.

 

The overall total approved applications for Education Withdrawals in Q2 2016 recorded a staggering increase of 200.43 per cent to 60,931 involving RM370.39 million from 20,281 approved applications (RM96.86 million) in Q2 2015 (Q1 2016: 44,292, RM255.21 million).

 

The quarter under review saw an increase of 12.64 per cent in approved applications for Age 55 Flexible Withdrawal to 91,111 from 80,890 in the corresponding period in 2015. The amount withdrawn under the scheme was RM2.70 billion, compared with RM3.12 billion in Q2 2015 (Q1 2016: 91,099, RM3.03 billion). This was in contrast with the number of approved applications for Age 55 Full Withdrawal in Q2 2016, which was down 8.56 per cent from 60,087 approved applications in Q2 2015 involving RM3.21 billion to 54,946 involving an amount of RM2.69 billion in Q2 2016.

 

Datuk Shahril attributed the increase in the number of applicants opting to stagger the withdrawal of their retirement savings to improved awareness among members who recognised the benefits of stretching their retirement savings further while capitalising on yearly dividends. 

 

“The Age 55 Flexible Withdrawal preserves flexibility while protecting the contribution of members beyond age 55. This is to ensure sustained quality of living for members in their retirement years, as retirees today face the challenges of longer life expectancy and higher cost of living which deplete their savings at a faster rate,” he said. 

 

Total approved applications for Housing Withdrawals, meanwhile, saw a dip from 111,898 in Q2 2015 to 111,169 in Q2 2016, involving an amount of RM1.62 billion (Q1 2016: 104,373, RM1.54 billion).

 

The total number of EPF members in Q2 2016 rose 3.05 per cent from 14,357,940 in Q2 2015 to 14,796,334 in Q2 2016, out of which 6,855,701 or 46.33 per cent were active members. The number of newly registered employers in Q2 2016 recorded a 19.17 per cent decline from 18,903 in Q2 2015 to 15,279 in Q2 2016, adding to a total of 539,291 employers as of June 30, 2016.

 

“As the number of our members grow, so is our commitment to deliver service that is faster, convenient and cost saving.  We encourage more members to register for i-Akaun so they can take advantage of our other online facilities in addition to monitoring their EPF account and update profile, among others,” said Datuk Shahril, adding that i-Akaun also allows members to ensure their employers contribute on their behalf regularly and timely.

 

As at end June 2016, the rate of defaulting employers was stable at 1.10 per cent. This, Datuk Shahril said, was largely due to the speedy recovery action by the EPF’s Enforcement team and increased awareness among employers towards their employees’ future retirement well-being.

 

Members who wish to register for i-Akaun can do so by contacting the EPF Contact Management Centre at 03-8922 6000 or via EPF kiosk or by visiting any EPF branches or EPF mobile team. The EPF also reminds members against abetting with syndicates or agents who offer services to assist members to withdraw their EPF savings in return for a fee.

 

https://secure.kwsp.gov.my/portal/documents/10180/175151/EPF_RECORDS_SURGE_IN_E-PENGELUARAN__i-AKAUN_USAGE_23092016.pdf

 

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.