23 April 2016

What is EPF e-Pengeluaran for Education ??? (April 2016)

Being one of the most efficient government related department, Employees Provident Fund (EPF) announced another facilities called "e-Pengeluaran Education" to facilitate the withdrawal of money easily and conveniently online via EPF i-Akaun.

What are the types of EPF withdrawals available through e-Pengeluaran?

a. Buy/Build House
b. Reduce/redeem housing loan 
c. Housing loan monthly installment.
d. Education (New launched)
e. Health Withdrawal (Coming Soon)

The "5E" for your ease of dealing ?
Advantages of e-Pengeluaran to members are:-

  1. e-Submission and Online Eligibility Checking
    Submission can be done anywhere, anytime and online checking of withdrawal eligibility.

  2. e-Confirmation from Third (3rd) Party
    Information on education cost can be obtained online from IPT or financial institution account.

  3. e-Process (Mapping Process and Thumbprint Authentication)
    Application will be automatically approved upon thumbprint verification at EPF counter.

  4. e-Payment
    Direct crediting into member's account or IPT or financial institution's account.

  5. e-Communication
    Member will be notified by SMS and i-Akaun Secured Inbox Messaging.

What are the eligibility requirements for e-Pengeluaran?

  • Only can withdraw from Account 2
  • A registered i-Akaun user
  • All charges incurred by IPT including accommodation fees and one-way flight cost during first-year registration.
  • Enroll in LOCAL IPT full time, part time, distance learning and listed  franchise.   
  • The applicant is the student or payor for the children
  • The applicant has to be present at any EPF counters within 14 days for thumbprint verification for the application to be approved.

It's good to have this new initiative. Good job to EPF. However, this facility is limited to IPTs three institutions currently, namely International Islamic University Malaysia (IIUM), Multimedia University (MMU) and Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN). Nevertheless, the EPF is expanding this facility to include other IPT and financial institutions.

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