The Employees Provident Fund (EPF) today reported the number of members using the online ‘i-Akaun’ to check their EPF account showed a significant rise to 1.43 million in the first quarter of 2014 (Q1 2014), up 42.73 per cent from 1 million in the corresponding quarter in 2013 (Q1 2013).
In a statement today, EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan said, “Our members want convenience and i-Akaun offers them just that. The online facility can also be accessed via our recently launched ‘EPF i-Akaun’ mobile app, which has received tremendous response from our members as they can now check their EPF account while on the go.”
“In addition, I am proud to say that the mobile app was developed in-house, by our own people who truly understand the members’ needs.”
The number of access to the EPF kiosks, a self-service facility which allows members to print their account statements, rose to 2.70 million, a 5.68 per cent boost from 2.56 million in Q1 2013. The rise was in tandem with a drop in the number of visitors at the EPF service counters, from 1.43 million to 1.40 million.
The number of visitors accessing myEPF website, meanwhile, showed a marked increase of 71.98 per cent from 1.78 million in Q1 2013 to 3.06 million (Q1 2014).
The quarter under review showed a rise in the Flexible Age 55 Withdrawal of 29.48 per cent, with 56,681 applications approved in Q1 2014 against 43,775 in Q1 2013 (Q4 2013: 46,584).
The flexi withdrawal facility, which offers members the opportunity to withdraw their EPF savings upon reaching age 55 on a periodical basis rather than lump-sum, amounted to RM1.88 billion as opposed to RM1.65 billion in Q1 2013 (Q4 2013: RM1.31 billion).
“We have always encouraged our members to withdraw their EPF savings on a staggered basis so that they can stretch their savings longer and be able to enjoy a reasonable level of comfort during their golden years,” said Datuk Shahril.
“Malaysians are enjoying an increased lifespan and it is important that they are not tempted to spend all their EPF savings at once; as is what will most commonly happen if they were to withdraw their retirement money in one lump-sum.”
Fewer members have been seen opting for the Lump Sum Withdrawal, which reported a slight rise of 8.11 per cent to 49,467 in Q1 2014 from 45,756 in Q1 2013 (Q4 2013: 36,518). The Housing Withdrawal facility, meanwhile, generated the highest number of approved applications at 92,653 in Q1 2014, amounting to RM1.23 billion, as opposed to 84,907 approved applications with a total of RM1.08 billion in Q1 2013 (Q4 2013: 92,033).
The ongoing efforts to raise awareness among members on the importance of nominating their beneficiary(ies) also showed encouraging results as 74,442 members nominated their beneficiaries in Q1 2014, adding to the total number to 3.68 million, up 6.08 per cent from 3.47 million in the corresponding quarter in 2013.
As at March 2014, total EPF members jumped to 13.95 million, of which 6.53 million were active members who continued to contribute to their retirement savings. For the same period, 16,058 new employers were registered, bringing the total number of employers registered with the EPF to 522,333 employers.
“We are seeing more employers using our e-Caruman facility, which simplifies the submission of contribution details and online payments, thus saving them time and money as well as eliminating the need for them to physically come to our branches,” Datuk Shahril stated.
“The growth in the utilisation of our electronic services corresponds with our objective, which is to boost online transactions. We will continue to expand our e-services more aggressively to provide greater convenience for both members and employers.”
About the Employees Provident Fund (EPF)
The Employees Provident Fund (EPF) is Malaysia’s premier retirement savings fund, providing basic financial security for retirement. The Fund is committed to preserving and growing the savings of its members in accordance with best practices in investment and corporate governance. It will always be guided by prudence in its investment decisions.
As a customer-focused organisation, the EPF delivers efficient and reliable services for the convenience of its members and registered employers.
The EPF continues to play a catalytic role in the nation’s economic growth, consistent with its position as a leading savings institution in Malaysia.
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