EPF annual contributions stand at RM50.58bil

KUALA LUMPUR: The Employees Provident Fund (EPF) said its total annual contributions stood at RM50.58bil, exceeding the total annual amount withdrawn of RM35.35bil, resulting in net inflows of RM15.23bil as at December 2013.

Age 55 withdrawals topped other types of withdrawals at RM13.23bil, an 8.5% increase from RM12.19bil recorded in the previous year.

Withdrawal for investments under the EPF members’ investment scheme was second highest at RM7.85bil.       

“Our ultimate objective is for our members to have sufficient savings when they retire.       

“To ensure that members get the most out of their retirement savings, the full contribution rates of 11% and 12% have been maintained for ages between 55 and 60 as opposed to half contribution rates prior to 2013,” said chairman Tan Sri Samsudin Osman in the pension fund’s 2013 Annual Report.

Other types of withdrawals that also showed an increase from 2012 were housing withdrawal at RM4.95bil; age 50 RM3.84bil; education RM338.14mil; and health RM43.13mil.

The year also witnessed EPF’s enhanced investment in information and communication technology (ICT) infrastructure and electronic services with the launch of two electronic services, namely e-Caruman and e-Pengeluaran, to make transactions hassle-free for its members and employers.

Samsudin said that in keeping pace with increasingly tech-savvy members, the EPF continued to leve­rage on ICT advancements and had been steadily increasing its online functionalities, which were not only convenient but cost efficient.

As part of the additional channels for its members, the EPF recently launched its first mobile app, namely EPF i-Akaun, to allow members to keep track of their EPF savings anytime and anywhere.

The year also saw a 2.48% increase in membership to 13,922,194 from 13,585,007 the previous year, while the number of employers jumped from 502,863 in 2012 to 517,062.