The Employees Provident Fund (EPF) recorded a 9.99 percent increase in contributions received in the second quarter this year, 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 percent from RM712.04 billion in 2017, deputy CEO of operations Mohd Naim Daruwish said in a statement today.
Naim 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 percent 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 percent to 598,919 from 571,130 in the corresponding period last year. The total amount withdrawn, meanwhile, increased marginally to RM12.65 billion from RM12.48 billion.
Naim also 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for Age 55 Flexible Withdrawal increased 48.65 percent to 67,969 in Q2 2018 from 45,723, while total amount withdrawn grew to RM2.92 billion from RM1.78 billion.
Meanwhile, approved applications for Age 60 Flexible Withdrawal recorded a 43.16 percent 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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