KUALA LUMPUR (May 25): The EPF said total contributions it received for the first quarter ended March 31, 2017 grew 2.97% year-on-year (y-o-y) to RM17.36 billion from RM16.86 billion, bringing its total accumulated members' contributions to RM708.14 billion.

The EPF, which stands for Employees Provident Fund, said total EPF members grew 1.54% y-o-y to 14.91 million in 1Q17 from 14.69 million, of which 6.92 million or 46.4% were active members.

It also shared that the quarter incorporated, for the first time, the number of applications approved for its Age 60 Withdrawal scheme, also known as the 'Akaun Emas'.

Implemented on Jan 1 this year, the scheme registered 46,656 withdrawals in 1Q17, of which 17,929 were approved for lump sum withdrawals, with 28,627 for flexible withdrawals, said EPF.

In a statement today, EPF chief executive officer Datuk Shahril Ridza Ridzuan said Akaun Emas was introduced as a second retirement nest egg for members working beyond age 55.

"Like the Age 55 Withdrawal, the Age 60 Withdrawal also allows members to make lump sum or flexi withdrawal, although we advise members to choose the latter as the balance of savings will continue to earn dividends," he said.

All new contributions received after age 55 will be automatically parked under Akaun Emas and can only be withdrawn when members reach age 60. There is no change to the current Age 55 Withdrawal.

Meanwhile, approved applications for Age 55 Flexible Withdrawal fell 38.61% to 55,925 in 1Q17 from 91,099 in 1Q16, while the amount withdrawn declined 27.25% to RM2.2 billion from RM3.03 billion.

Approved Age 55 Lump Sum Withdrawal also fell 18.86% y-o-y to 49,371 in 1Q17 from 60,844, though withdrawal amount fell only a marginal 1.49% to RM3.3 billion from RM3.35 billion.

Among the reasons for fund withdrawals, across age group, performing the Hajj and education saw the biggest y-o-y jump. Approved Hajj withdrawal applications tripled to 108 from 38 applications, while the number of approved applications for education withdrawals jumped 62.3% to 71,885 from 44,292.

EPF also reported that 36,707 members, accounting for RM2.67 billion in allocation, had switched from Simpanan Konvensional to Simpanan Shariah in 1Q17, thus raising the total number of members who had made the switch to 671,744 from the closing date of Simpanan Shariah 2017 on Dec 23, 2016.

Registration for Simpanan Shariah is ongoing, and members who wish to register for Simpanan Shariah beginning Jan 1, 2018 may do so until Dec 24 this year, it added.