KUALA LUMPUR:The Employees Provident Fund (EPF) approved 413,827 applications for withdrawals amounting to RM8.50 billion in the
third quarter of 2014 (Q3 2014).
The Flexible Age 55 Withdrawal remained the top withdrawal scheme at RM1.70 billion, up from RM1.53 billion withdrawn in the corresponding period in 2013.
In a statement today, EPF said members who opted to withdraw their savings in full via the Age 55 Lump Sum Withdrawal scheme increased by 2.74 per cent to RM1.63 billion in Q3 2014 with 40,931 applications approved, up from RM1.60 billion in Q3 2013.
EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan said more members are choosing to withdraw their EPF savings on a staggered basis as opposed to a lump sum withdrawal as it allows them to plan their finances more objectively.
"The flexi scheme is an attractive option as EPF members are beginning to understand the crucial need to stretch and grow their EPF savings over a longer span, especially when life expectancy continues to increase," he said.
He encouraged members to use the Basic Savings guideline to help them keep track of their minimum savings according to age as well as to take advantage of the EPF’s Retirement Advisory Service (RAS) which offers members in the Klang Valley free and impartial guidance on how to make their EPF money last longer as they set their retirement goals.
Housing Withdrawals, meanwhile, experienced a slight decrease from RM1.31 billion in Q3 2013 to RM1.30 billion in Q3 2014, while Education Withdrawals increased to RM104 million in Q3 2014 from RM99.62 million in the corresponding quarter in 2013.
In the quarter under review, EPF recorded a 101.73 per cent rise in the use of its i-Akaun facility to 1.96 million from 969,592 in the corresponding period last year. -- BERNAMA