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YET another special Covid-19-related withdrawal from the Employees Provident Fund (EPF) Account 1 has been given the green light by the government last Wednesday (March 16). EPF members can prematurely withdraw up to RM10,000 from their retirement kitty and have the money credited into their bank account from April 20.
ON Feb 27, private sector wage earners were happily surprised when the Employees Provident Fund (EPF) declared dividends for 2020 — 5.2% for conventional savings and 4.9% for shariah savings — even though both figures were lower than 2019. Last year, not only did at least five million members save less money and tap into their retirement kitty to alleviate pandemic-related cash-flow strains, but even those who did not have to use those savings were concerned about dividends being hit by EPF’s holding more cash to cater for higher withdrawals. EPF, which needs to pay only 2.5% dividend a...
THERE was a good chance of the Employees Provident Fund reaching RM1 trillion in assets this year, had it not been for the Covid-19 pandemic and economic hardship that nudged the government to allow the unprecedented withdrawal of funds that were previously off limits until members reach age 55. For those who do not need to withdraw money from their EPF accounts, one key question is likely whether a smaller fund size would mean a higher return on investment and higher dividends. Would the reverse be true? The short answer is that there will likely be some short-term impact and the extent of t...
27 Feb 2021 / 13:50 H. Bernama KUALA LUMPUR, Feb 27: The Employees Provident Fund (EPF) said to date, a total of RM18.1 billion has been withdrawn by 5.16 million members under the i-Lestari facility, which was among the immediate measures undertaken by the fund amid the challenging situation in 2020 due to the pandemic. It stepped in to help members and employers cope with cash flow issues following the Movement Control Order from March 18 to May 12, 2020 when most economic sectors were closed. “The EPF was one of the first pension funds in the world to provide assistance to its members...
KUALA LUMPUR (Feb 27): Despite higher withdrawals amid the pandemic, the “market value” of the Employees Provident Fund (EPF)’s total investment assets hit RM1.016 trillion on Dec 3 last year. Yet the provident fund is not celebrating because some 30% or about 1.6 million of its members may withdraw almost all of their savings from Account 1 while another 60% or 3 million members “have or will use up all savings in Account 2”, its outgoing CEO Tunku Alizakri Alias said. For the record, the EPF’s total investment assets stood at RM998 billion at the end of 2020, up 7.9% from RM925 ...