17 April 2022

How many and why people apply for EPF Special Withdrawal? Here are the statistics...

The Employees Provident Fund (EPF) announces that as of 8pm on 14 April 2022, it has received a total of 5.3 million applications under the Special Withdrawal facility after it was opened to members on 1 April 2022.

The total number of applications is equivalent to
RM40.1 billion. The payments will be made in batches, with the first batch set to commence from 20 April 2022.

(We have prepared a nice infographic below...) 😀😁

Based on feedback from members applying for the facility, the three top reasons for applying include:
  • reduction in income/ wage (24%),
  • assist affected spouse/ family members (23%), and
  • increase sources of income (14%);

Meanwhile, utilisation of proceeds will be for the purpose of:
  • supplementing daily/ monthly essential expenditure (40%),
  • settling outstanding debts (26%),
  • increasing emergency fund (8%),
  • assisting affected family members (7%),
  • with the remaining 19% for other purposes such as paying for children’s education, non-essential expenditure, and investment.
The closing date for the Special Withdrawal facility is on 30 April 2022 and members can continue to apply through the dedicated portal at pengeluarankhas.kwsp.gov.my. 👌

Members are strongly advised not to share photos or documents of their Special Withdrawal submissions on social media and to exercise caution when withdrawing their money to avoid falling victim to potential scams and fraudsters.

The EPF reminds members to consider their long-term income security and only withdraw their savings if it is absolutely necessary, and utilise the money wisely and for appropriate purposes. 👍

Source: EPF website

Follow our active updates via Facebook @FinanceMalaysia

No comments:

Post a Comment

Finance Malaysia Blog appreciates your comment. Cheers!