4 Enhancement To EPF Scheme Policies Starting 2018

Members of the EPF take note, the Employees Provident Fund (EPF) has announced four enhancements to its schemes and policies which include age 55 and age 60 withdrawal payment options. This new change enable members to make partial withdrawals of any amount at any time, as opposed to the current policy that only allows withdrawals of a minimum of RM2,000 once every 30 days. These four enhancement will take effect on 1 January 2018.

The four enhancements are as below: 

1.  Option to appoint Amanah Raya Berhad (ARB) as nominee/administrator trustee

• beneficial for members with children below 18 years old as  members could appoint Amanah Raya Berhad (ARB) as the nominee/administrator or trustee to their EPF saving

 
2. Enhancement to Age 55 and Age 60 withdrawal payment options

• members could make partial withdrawals of any amount at any time, members who choose to make monthly withdrawals will be able to withdraw from as low as RM100 per month

3. Flexible withdrawal policy until age 100

• flexible withdrawal policy has been extended up to age 100 from the current age cap of 75 years old as dividend payment has been extended from age 75 to 100.

4. Extension of Death Benefit from age 55 to 60  

•  current death benefit of RM2,500 claimable if the member dies before age 55, will be extended until age 60

For more information on the enhancements to EPF policies and schemes starting 1 January 2018, please visit the EPF website at www.kwsp.gov.my or call the EPF Contact Management Centre at 03-8922 6000.

Source:http://www.kwsp.gov.my/portal/en/web/kwsp/home