EPF: Over five million members sign up for special withdrawal facility

KUALA LUMPUR: More than five million applications were received by the Employees Provident Fund (EPF) for its Special Withdrawal facility after it was opened to members on April 1.

EPF said a total of 5.3 million applications amounting to RM40.1bil were made as of 8pm on April 14 with payouts to start from April 20.

It 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, 59% of M40 members, and 39% of T20 members. A further 29% of informal and inactive members also applied.

Bumiputra Malays made up the bulk of applicants at 63%, followed by the Chinese (12%), and Indians (7%).

The remaining 17% were bumiputra from Sabah and Sarawak, and non-Malaysians.

The closing date for the Special Withdrawal facility is on April 30 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.

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.