Tag Archives: EPF

June 27

EPF withdrawal age stays at 55

THE Employees Provident Fund (EPF) will not be raising the eligible age for contributors  to make a full withdrawal of their savings. The Malaysian Insight reports: It said it has taken note of the World Bank’s suggestion to gradually raise the age when members can make a full withdrawal of their retirement savings from 55 […]

June 05

PM announces RM35 billion stimulus plan in latest bid for economic recovery

Prime Minister Muhyiddin Yassin today unveiled a RM35 billion stimulus package to help the economy recover from the impact of Covid-19 and the subsequent movement control order (MCO), which saw the majority of businesses shut down for weeks under restrictions on public activities. Free Malaysia Today reports: Of this, RM10 billion will be in the […]

March 24

Covid-19 relief: For 2.8m M’sians, there’s not enough in their EPF to last 12 months

Around 2.8 million Malaysians don’t have enough savings in their Employees Provident Fund (EPF) accounts to fully benefit from the government’s measure to alleviate their financial burden during the Covid-19 crisis. MalaysiaKini reports: Yesterday, Prime Minister Muhyiddin Yassin announced that contributors will be allowed to dip into Account 2 of their EPF to cope with […]

June 02

EPF 1Q income falls 25% on equity rout

Employees Provident Fund’s (EPF) total income fell 25% year-on-year (YoY) for the first quarter ended March 31 this year (1Q19) on the continued rout of domestic equities and challenging external picture, reports The Malaysian Reserve. Malaysia’s largest pension fund recorded RM9.66 billion in income for the quarter, significantly lower than the RM12.88 billion managed in […]

March 05

EPF should take Sarawak Report to court: Razlan

The Employees Provident Fund (EPF) should take legal action against Sarawak Report for its alleged slanderous remarks against the federal statutory body. Federal Territories Umno Youth chief Datuk Razlan Muhammad Rafii such accusations by the pro-opposition portal had tarnished EPF’s reputation and image. On Feb 28, EPF in a statement refuted a Sarawak Report’s claim […]

December 26

Procrastination behind low number of EPF contributors who register nominees

SOME Malaysians just love to procrastinate and settle things at the very last minute. This attitude is seen every year when the deadline to submit income tax returns to the Inland Revenue Board approaches. Last year, many people who were required to change their ATM cards to debit cards chose to do so at the […]

November 11

EPF confirms woman’s account secure after share scare

“EPF’s investigation found Tan’s EPF savings secured and updated to the latest contribution month and the nominations made in 2012 are still valid and in effect,” according to an EPF statement yesterday. An allegation that a Malay man from Kelantan had been registered as Tan’s EPF savings nominee is not true,” said EPF. The statement […]

February 19

EPF declares 5.7% dividend for 2016, total payout RM37.08bil

The Employees Provident Fund (EPF) has declared a 5.7 per cent dividend for 2016, with a total payout of RM37.08bil. Chairman Tan Sri Samsudin Osman said the EPF is pleased it has been able to consistently exceed its two strategic investment targets of at least 2.5 per cent nominal dividend on a yearly basis and […]

August 29

Monthly household income up to RM6,000, Khazanah report says

Average monthly household income rose from RM5,000 in 2012 to RM6,141 in 2014, the Khazanah Research Institute (KRI) revealed in a report today. The report titled “The State of Households (SOH II)” focused on three topics: household and food, women in the workforce, and population ageing. “In general, we see that households are better off […]

May 26

EPF appoints MRCB as Kwasa Damansara project delivery partner

The Employees Provident Fund’s (EPF) wholly-owned unit Kwasa Land Sdn Bhd appointed Malaysian Resources Corp Bhd (MRCB) as project delivery partner (PDP) to develop the Kwasa Damansara township’s main infrastructure. Kwasa Damansara is a future township within 932ha (2,330 acres) in Sungai Buloh, Selangor. The Rubber Research Institute Malaysia was formerly located there. In a […]

May 15

Only one in five EPF contributors can afford to retire

Only 22 percent of the 6.7 million Employees Provident Fund (EPF) active contributors aged 54 years have sufficient savings of RM196,800 or more to sustain themselves during retirement. EPF Head of Strategy Management Department Balqais Yusoff said the other 78 percent of the contributors, unfortunately, did not have the basic amount for their retirement years. […]

May 03

EPF contributions rose 4.91% to RM58.98bil

The Employees Provident Fund (EPF) has reported a rise of 4.91% in annual contributions to RM58.98bil against a total annual amount withdrawn of RM44.25bil, resulting in net inflows of RM15.73bil. The EPF ended 2015 with RM44.23bil in total gross investment income with a gross return on investment of 7.48% which was 23 basis points higher […]

April 22

EPF: Online withdrawal facility now available for education loans

Employees Provident Fund (EPF) contributors can now withdraw their savings to finance their own or their children’s education at local higher learning institutions. This is in addition to making EPF withdrawals for settling housing loans via the e-Pengeluaran online facility, with the services now extended to more participating financial institutions. The financial institutions include RHB […]

March 13

EPF says 80% of workers have savings below poverty line as they turn 55

Nearly 80% of workers who will turn 55 this year will not have enough savings in their Employees Provident Fund (EPF) to live above the poverty line, according to figures released by the fund’s chief executive officer. The Malaysian Insider reports: Datuk Shahril Ridza Ridzuan said for the next 20 years, the workers would not […]

January 24

EPF Withdrawal For Members Affected By Flooding

Following the recent flooding situation, the Employees Provident Fund (EPF) wishes to inform that members whose homes have been affected by the floods are allowed to withdraw their EPF savings from Account 2 to purchase or rebuild their homes. Members have the option to make EPF Housing Withdrawals according to the Fund’s current procedures. Those […]

December 24

EPF Says Action Filed Against Perwaja Steel Over Unpaid Contributions

The Employees Provident Fund (EPF) today clarified that it had taken legal action, which includes both prosecution and civil suit, against Perwaja Steel (Kemaman) Sdn Bhd (PSSB), and personally against the company directors, for defaulting on their monthly EPF contributions amounting to RM9.17 million for the period between August 2013 and September 2014. In a […]

December 16

Defaulting employers fined more than RM200,000

A total of RM232,100 in fines had been imposed by the courts against 144 errant employers between July and September 2014, the Employees Provident Fund (EPF) said today in its third quarter 2014 (Q3 2014) report. The employers, who defaulted in remitting their employees’ monthly EPF contributions within the stipulated time, were fined under Section […]