EPF reports rising number of withdrawals to settle PTPTN loans

KWSP logo is seen outside the headquaters in Kuala Lumpur - AZHAR MAHFOF/The Star

KUALA LUMPUR: There has been a huge jump in the number of transactions and amount of money that Employees’ Provident Fund (EPF) members withdrew to pay off their National Higher Education Fund Corporation (PTPTN) loans.

According to the EPF’s 2016 Annual Report, withdrawals for “Education” was at RM1.4bil in 86,725 transactions last year, up 152.42% from RM578.18mil in 65,787 transactions previously.