Five million apply for EPF withdrawal

KUALA LUMPUR: The Employees Provident Fund (EPF) received more than five million applications under the Special Withdrawal facility after it was opened to members on April 1. The EPF said as at 8pm on April 14, a total of 5.3 million members have applied for the facility.

The amount totalled RM40.1bil with payouts to start from April 20.

“The number of applications received represented 44% out of the 11.95 million members who are eligible to withdraw their savings under the facility.

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

“The remaining 17% were bumiputra Sabah and Sarawak, and non-Malaysians,” it said in a statement yesterday.

The EPF added that the number of applications received represented 44% out of the 11.95 million members who were eligible to withdraw their savings.

"Breaking down by wage groups, this represented 55% of eligible B40 members, 59% of M40 members and 39% of T20 members," it added

A further 29% from informal and inactive members also applied for the facility.

Based on feedback from members, the top three reasons given were reduction in income, assisting affected family members and increasing sources of income.

Other reasons mentioned for the withdrawal were for the purpose of supplementing daily or monthly essential expenditure, settling outstanding debts, increasing emergency fund and assisting affected family members.

The closing date for submission is April 30.

Members can continue to apply through the dedicated portal.

The EPF has put in place measures to prevent unscrupulous third parties or scammers from making fake submissions on behalf of members.

It strongly advised members not to share photos or documents of their Special Withdrawal submission on social media and to exercise caution to avoid becoming victims to potential scams and fraudsters.

“Members should also consider their long-term income security and only withdraw their savings if it is absolutely necessary, and to utilise the money wisely for appropriate purposes,” it said.