KUALA LUMPUR: A total of RM1.81 billion was withdrawn under the flexible withdrawal facility for members aged 55 and above in the second quarter of this year against RM1.77 billion in the same quarter last year, the Employees Provident Fund (EPF) said.
It said in a statement yesterday that the rise in the number of members opting for the facility was in tandem with the decrease in lump sum withdrawals to 46,485 from 48,927 in the second quarter last year.
The flexible withdrawal facility also recorded a 23.97% rise in the number of applicants with 59,379 applications approved in the second quarter from 47,897 in the same period in 2013, it said.
“The facility offers members the opportunity to withdraw their EPF savings upon reaching age 55 on a periodical basis rather than [withdrawing the money in a] lump sum,” it said.
The EPF also said that the housing withdrawal facility generated the highest number of approved applications at 101,399 in the second quarter, totalling RM1.37 billion.
EPF chief executive officer Datuk Shahril Ridza Ridzuan advised members to use the basic savings guideline to help them plan and manage their savings better.
“Members can also seek advice from our Retirement Advisory Service at our Kuala Lumpur and Petaling Jaya branches,” he said.
As at June 2014, the EPF’s membership rose to 14.05 million, of which 6.57 million were active members, while the total number of employers regisered with the fund stood at 525,932. — Bernama
This article first appeared in The Edge Financial Daily, on August 29, 2014.