RM1.71b withdrawn from EPF in Q3

NOVEMBER 26, 2011 LEAVE A COMMENT

Sunrays .

A total of RM1.71 billion has been withdrawn from the Employees Provident Fund (EPF) by members in the third quarter 2011 for the purpose of investing elsewhere, it was announced Friday.

The amount was 50.56 per cent higher compared with RM1.14 billion in same period last year, while total applications approved under the Members’ Investment Withdrawal increased by 46.94 per cent to 199,596 from 135,833.

“The increase in investment withdrawals indicates that members desire to take charge of their savings to gain better returns.

“While this is good, any decision to explore outside the EPF, should be treaded carefully especially given the current global economic uncertainties,” said EPF Chief Executive Officer Tan Sri Azlan Zainol in a statement announcing the fund’s unaudited operations performance report for third quarter 2011.

From July to Sept 2011, the EPF recorded a notable growth for Flexible Age 55 Withdrawals during which the number of applications approved jumped by 59.86 per cent to 27,334 from 17,099 in previous corresponding period.
The amount withdrawn under this withdrawal grew 59.23 per cent to RM1.01 billion from RM633 million.

On the other hand, the number of approved applications for Lump Sum Age 55 Withdrawal registered a minimal growth of 8.24 per cent to 35,450 from 32,752 while the amount withdrawn increased 5.81 per cent to RM1.46 billion from RM1.38 billion.

During the quarter also, the EPF saw a healthy growth of 124,183 new members as a result of 12,960 new employers registering with the fund.

he fund also saw 57,381 new nominations registered during the period, bringing the total of EPF members who have nominated their beneficiaries to 4,800,087, a 12.96 per cent increase after aggressive efforts by the EPF in urging its members to make nominations.

The EPF also announced that its website, myEPF, has scored a 5-Star rating and has been ranked in the top 10 websites among 1,155 government portals and websites by the Malaysia Government Portals and Websites Assessment (MGPWA).

During the third quarter, EPF electronic channels continued to gain popularity among members with myEPF website and i-Akaun showing significant increase in usage.

The number of logins into i-Akaun, a personalised online account for members and employers via myEPF website, increased 38.88 per cent to 1,183,274 from 852,000, while myEPF website attracted 1,369,080 visitors in the third quarter 2011 compared to 1,127,000 in the corresponding quarter last year, up 21.48 per cent.

In addition, EPF Kiosks which offer members the convenience of obtaining their account statements in a time-saving manner registered a 6.35 per cent growth to 1,422,925 from 1,337,911. — Bernama

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