KUALA LUMPUR – A total of RM40.1 billion from 5.3 million special withdrawal applications will be distributed in batches by the Employees Provident Fund (EPF) April 20 onwards.
The EPF said in a statement that the number of applications received represented 44% out of the 11.95 million members who were eligible to withdraw their savings under the facility.
“This represented 55% of eligible B40 members (those earning less than RM1,700), 59% of M40 members (RM1,701 - RM4,900), and 39% of T20 members (earning above RM4,900). A further 29% of informal and inactive members also applied.
“The Bumiputera Malays made up the bulk of applicants by race at 63%, followed by the Chinese at 12%, and Indians at 7%. The remaining 17% were Bumiputera Sabah and Sarawak, and non-Malaysians.”
It said the three top reasons for applying included reduction in income/wage (24%), assist affected spouse/family members (23%), and increase sources of income (14%); while utilisation of proceeds will be for the purpose of supplementing daily/monthly essential expenditure (40%), settling outstanding debts (26%), increasing emergency fund (8%), and assisting affected family members (7%), with the remaining 19% for other purposes such as paying for children’s education, non-essential expenditure, and investment.
The closing date for the special withdrawal facility is on April 30. Members can continue to apply through the dedicated portal.
The public is advised to not share photos or documents of their submissions on social media and to exercise caution when withdrawing their money to avoid falling victim to potential scams and fraudsters. – The Vibes, April 16, 2022
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