EPF online platform surges as a preferred mode of transaction

The Employees Provident Fund's (EPF) online platform, comprising i-Akaun, EPF Kiosks and myEPF, continues to be the preferred mode of transaction.

In a statement today, the EPF said its second quarter (Q2) 2016 operation performance saw the usage of i-Akaun as of June this year increase 44.26 per cent to 4.81 million from 3.33 million in Q2 2015.

The number of usage of EPF Kiosks during the quarter under review increased 25.87 per cent to 3.47 million compared with 2.75 million previously.

The e-Pengeluaran online facility usage surged after it was extended to include applications for education and health withdrawal earlier in April, in addition to withdrawal for housing, it said.

Chief Executive Officer Datuk Shahril Ridza Ridzuan said the EPF's services had evolved dramatically to suit the changes in time and expectations of its members.

"The e-Pengeluaran facility is a growing part of our business and transactions as it provides greater convenience for members to submit their withdrawal applications.

"Banks participating in e-Pengeluaran have also reported significant reduction in turnaround time as well as improved daily productivity," it said.

Currently, banks participating in e-Pengeluaran include Maybank, RHB Bank, Bank Islam, Bank Simpanan Nasional, OCBC Bank, Ambank, UOB Bank and CIMB Bank.

Shahril Ridza said the EPF was seeking to increase the number of banks participating in e-Pengeluaran to allow more members to benefit from the online facility.

As of end-June 2016, the e-Pengeluaran has recorded a total of 18,707 approved applications for education withdrawals since the online facility was made available beginning April this year.

"The overall total approved applications for education withdrawals in Q2 2016 saw a staggering increase of 200.43 per cent to 60,931 involving RM370.39 million from 20,281 approved applications (RM96.86 million) in previous year," said the EPF.

Shahril Ridza said there was also an increase in the number of applicants opting to stagger their retirement savings withdrawal on improved awareness among members who recognised the benefits of stretching their savings further while capitalising on yearly dividends.

The quarter under review saw an increase of 12.64 per cent in approved applications for Age 55 Flexible Withdrawal to 91,111 from 80,890 in the corresponding period in 2015.

The amount withdrawn under the scheme was RM2.70 billion compared with RM3.12 billion in Q2 2015, the EPF said.

"In contrast, the number of approved applications for Age 55 Full Withdrawal in Q2 2016 was down 8.56 per cent to 54,946 from 60,087 applications last year," it said.

Meanwhile, the total approved applications for housing withdrawals fell to , 111,169 in Q2 2016 involving an amount of RM1.62 billion, from 111,898 in Q2 2015.

Overall, the total number of EPF members rose 3.05 per cent to 14.80 million (Q2 2016) from 14.38 million (Q2 2015), out of which 6.85 million or 46.33 per cent were active members.

The number of newly registered employers in the quarter under review declined 19.17 per cent from 18,903 (Q2 2015) to 15,279 in Q2 2016, adding to a total of 539,291 employers as at June 30, 2016.

As of end-June 2016, the rate of defaulting employers was stable at 1.10 per cent, it said.

"As the number of our members grow, so is our commitment to deliver service that is faster, convenient and cost-saving, and we encourage more members to register for i-Akaun to take advantage of the facilities.

"The i-Akaun also allows members to ensure their employers contribute on their behalf regularly and timely, he added. -- BERNAMA