Total contributions to EPF up 7.87 pct as at 3Q17

EPF notes that quarterly operational results show upwardly figures.

Total contributions recorded in the quarter under review increased 7.87 per cent year-on-year to RM15.90 billion from RM14.74 billion in Q3 2016, bringing the total accumulated members’ contributions to RM715.97 billion (represented by the reclassified statistics of 13.7 million members).

The Age 60 Lump Sum Withdrawal saw a total of 12,811 applications approved, amounting to RM280.66 million, while the Age 60 Flexi Withdrawal recorded 29,712 approved applications amounting to RM662.05 million.

Approved applications for Age 55 Flexible Withdrawal in Q3 2017, meanwhile, decreased 48.11 per cent to 44,976 from 86,684 approved applications in the corresponding quarter in 2016.

The amount withdrawn under the scheme was RM1.80 billion, compared with RM2.53 billion in 2016 (Q2 2017: 45,723; RM1.78 billion).

Approved applications for Age 55 Lump Sum Withdrawal in the quarter under review also reduced 23.31 per cent to 36,045 (RM2 billion) from 46,999 (RM2.29 billion) in the corresponding period last year (Q2 2017: 41,914; RM2.51 billion).

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EPF WEBSITE AND ONLINE ACTIVITIES PULL MORE VISITORS

Visitor traffic to the myEPF portal in Q3 2017 increased 5.19 per cent to 5.89 million from 5.60 million in the corresponding period last year.

Usage of EPF Kiosks reported a decline of 11.83 per cent from 3.29 million in Q3 2016 to 2.90 million in Q3 2017.

Usage of i-Akaun increased 33.19 per cent to 6.04 million in Q3 2017 from 4.54 million in Q3 2016. The wide array of e-services now available also attributed to the 37.29 per cent reduction in the number of visitors to EPF’s service counters nationwide from 1.25 million in Q3 2016 to 785,526 in Q3 2017.