EPF electronic services post strong growth

The number of Employees Provident Fund (EPF) members using the online 'i-Akaun' to check their accounts rose to 1.43 million in first quarter 2014, up 42.73 percent from one million in the same period last year.

"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," EPF CEO Datuk Shahril Ridza Ridzuan said in a statement Wednesday.

The number of times members accessed the EPF kiosks, a self-service facility which can print account statements, rose to 2.70 million, a 5.68 percent boost from 2.56 million in first quarter 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, he said.

The number of visitors accessing the myEPF website, meanwhile, showed a marked increase of 71.98 percent from 1.78 million in first quarter 2013 to 3.06 million in first quarter 2014.

The quarter under review showed a rise in flexible age 55 withdrawals of 29.48 percent, with 56,681 applications approved in first quarter 2014 against 43,775 in the corresponding period last year.

The flexi withdrawal facility, which allows members to withdraw their EPF savings upon reaching age 55 on a periodical rather than a lump sum basis, amounted to RM1.88 billion as opposed to RM1.65 billion in first quarter 2013 and RM1.31 billion in fourth quarter 2013.

"We have always encouraged our members to withdraw their EPF savings on a staggered basis so that they can stretch their savings longer and enjoy a reasonable level of comfort during their golden years.

"Malaysians are enjoying an increased lifespan and it is important that they are not tempted to spend all their EPF savings at once, as what will most commonly happen if they withdrew their retirement money in one lump sum," he said.

As at March 2014, the total number of EPF members was 13.95 million, including 6.53 million active members who continued to contribute to their retirement savings.