EPF’s Electronic Channels Record Sharp Increase In Usage
i-Akaun continues to be preferred choice of transaction
KUALA LUMPUR, 27 May 2016: The Employees Provident Fund (EPF) today announces that technology continues to be the cornerstone of EPF’s operational performance when it reported a remarkable increase in the total usage of EPF’s electronic channels in the first quarter (Q1 2016) Operations results.
EPF Kiosks, myEPF website and i-Akaun continue to be the preferred choice for members to interact with the EPF. During the quarter under review, the number of usage of EPF Kiosks increased 26.20 per cent to 3.63 million compared with 2.88 million in the corresponding period in 2015. Total usage of i-Akaun also recorded a sharp increase of 61.25 per cent to 4.70 million compared with 2.91 million in 2015, indicating high level of acceptance among members towards EPF’s e-services as they provide efficiency and convenience. The total new registration of i-Akaun year-to-date was 367,558 for members and 41,914 for employers, adding to the cumulative total of 2.5 million members and employers registered for i-Akaun as at end March 2016.
EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan said, “Leveraging on technological innovation is vital for the EPF as we continue to elevate our service delivery. We need to actively reduce reliance on counter-based and manual transactions and encourage usage of our e-services as they are more efficient and cost-effective.
“The i-Akaun has been successful in this context as not only it allows members to check their statements and update profile, it also enables them to submit withdrawal application via e-Pengeluaran for housing or education and to verify status and entitlement. The i-Akaun is also a gateway for e-Caruman which allows employers to submit employees’ contribution details and make payments online.”
From the first roll-out in 2013 until March 2016, total number of applications approved sent via e-Pengeluaran was 11,429 while the e-Caruman saw the number of usage among employers registered with the EPF reached 484,898 covering 90 per cent of EPF active members.
In the quarter under review, the total number of EPF members rose 2.77 per cent from 14,291,615 in Q1 2015 to 14,688,066, out of which 6,822,551 were active members. The number of newly registered employers in Q1 2016 recorded a 20.56 per cent decline from 20,463 in Q1 2015 to 16,256, adding to total employers to 538,639. Total contributions received in the quarter under review was RM16.86 billion, an increase of 4.01 per cent from RM16.21 billion in Q1 2015.
The Q1 2016 also saw an increase of 17 per cent in approved applications for Age 55 Flexible Withdrawal to 91,099 from 77,865 in 2015. The amount withdrawn under the scheme was RM3.03 billion, compared with RM2.68 billion in Q1 2015. The number of approved applications for Age 55 Full Withdrawal in Q1 2016 was 60,844, involving an amount of RM3.35 billion. This was an increase of 9.78 per cent from 55,422 approved applications in Q1 2015 involving RM2.60 billion (Q4 2015: 44,166, RM2.03 billion).
Datuk Shahril said the increase in the number of approved applications for Age 55 Flexi Withdrawal reflected members’ preference to keep some of their savings with the EPF. “By doing this, members are able to stretch their retirement savings further and capitalise on yearly dividends.”
In addition, approved applications for Housing Withdrawals continued to increase from 96,314 in Q1 2015 to 104,373 in Q1 2016. Education Withdrawal, meanwhile, recorded a 90.36 per cent increase in Q1 2016 to 44,292 approved applications from 23,267 in Q1 2015.
The number of approved Investment withdrawal applications for Q1 2016 via the Members Investment Scheme (EPF-MIS) was 171,866 amounting to RM1.53 billion, an increase of 28.88 per cent from 133,351 in Q1 2015 (Q4 2015: 159,099). The EPF encourages members to take advantage of the EPF-MIS Information Portal to obtain more information on the unit trust funds and the fund management institutions managing the funds before deciding to transfer a portion of their EPF savings from Account 1 for investment.
Members who wish to register for i-Akaun can do so by contacting the EPF Call 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.
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.