EPF sees 36 per cent increase in Flexible Age 55 Withdrawal applicants

The Employees Provident Fund (EPF) sees an increase of 36.23 per cent in the applications for Flexible Age 55 Withdrawal in the second quarter of 2015.

Last year, 59,379 applicants had applied in the same corresponding quarter.

EPF in a statement said the amount withdrawn under the Flexible Withdrawal facility amounted to RM3.12 billion, compared with RM1.81 billion in Q2 2014 (RM2.68 billion in Q1 2015).

The statement said the total number of approved applications for members participating in the EPF Members’ Investment Scheme (EPF-MIS) increased 39.78 per cent in Q2 2015 to 151,666 applications approved, compared with 108,503 in the corresponding quarter in 2014.

The amount of investment made during the quarter was RM1.55 billion, up 29.24 per cent from RM1.20 billion in Q2 2014.

As at 30 June 2015, total EPF members stood at 14.36 million, of which 6.72 million are active members who continue to contribute to their retirement savings.

The total EPF members was an increase of 2.22 per cent from 14.05 million in Q2 2014.

The quarter under review also saw 18,903 new employers registered with the EPF, adding to the number of employers to 536,317, up 1.97 per cent from 525, 932 in Q2 2014.