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 Business

EPF records 10 pct rise in contributions

5th September, 2018

KUALA LUMPUR: The Employees Provident Fund (EPF) recorded a 9.99 per cent increase in contributions received in the second quarter (Q2) to RM18.17 billion compared with RM16.52 billion chalked up in the same quarter last year.

This raised the total accumulated members’ contributions to RM780.07 billion, up 9.55 per cent from RM712.04 billion registered a year earlier, Deputy Chief Executive Officer (Operations) Datuk Mohd Naim Daruwish said in a statement on Tuesday.

He said as at end-June 2018, the number of EPF members totalled 14.0 million, of whom 7.2 million were active contributors, with 115,125 being newly registered members.

During the quarter under review, newly registered employers decreased marginally by 2.57 per cent to 14,568 from 14,952 in the same quarter of 2017, bringing the total number of registered employers as at end-June 2018 to 499,321.

The total number of approved applications for all withdrawals increased 4.87 per cent to 598,919 from 571,130 in Q2 2017.

The total amount withdrawn in Q2 2018 was RM12.65 billion versus RM12.48 billion in the corresponding period last year.

Mohd Naim noted there was a marked increase in applications for flexible withdrawal compared with full withdrawal. Approved applications for Age 55 Flexible Withdrawal increased 48.65 per cent to 67,969 in Q2 2018 from 45,723 in the corresponding period of 2017. Total amount withdrawn grew to RM2.92 billion from RM1.78 billion.

Meanwhile, approved applications for Age 60 Flexible Withdrawal recorded a 43.16 per cent jump to 40,276 (RM861.30 million) from 28,133 (RM637.61 million) a year earlier.

He said the EPF was pleased with the steady growth of the number of flexible withdrawals every quarter, adding that it reflected members’ growing preference to retain part of their savings with the fund in order to continue receiving dividends on the balance in their account. –Bernama

   
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