How to withdraw money from EPF?

As many already knows, EPF is the Employee Provident Fund, which is a retirement savings scheme managed by the government. It is compulsory and serves as a social safety net that provides retirement benefits to all its members. Of course, the retirement benefits come from member through the mandatory contribution from two parties, a portion of an employee’s salary and employer’s contribution on behalf of their staffs. Employees contribute a small portion of their remuneration, for example 12% of their basic pay every month. At the same time, a matching amount is contributed by the employer and such contribution will be used to fund the employee’s retirement.

While the EPF savings are no doubt extremely important for retirement, there may be times in life when you need to withdraw the money earlier than the time of retirement. Examples of such situations include withdrawal to reduce housing loan, leaving country withdrawal, education withdrawal including PTPTN repayment, leaving country withdrawal, members’ investment scheme, housing loan monthly installment withdrawal and health withdrawal for medical payments and equipment. Therefore, it is important to take note on how to withdraw money from EPF regardless of age.

The procedures to withdraw money from the EPF is no longer lengthy and complicated, although the exact withdrawal and documents required may be different for different purposes. When you reach a certain age, the EPF allows you to withdraw partially or in full, the savings in Account 2. You have the option to withdraw EPF savings at the age of 50 or 55 either partially or fully, or at the age of 60, when you can then withdraw any amount of money at any time. For more details on types of withdrawal and how to go about, checking their website is highly recommended.

You can apply for withdrawal through i-Akaun. If you do not have an account, you may need to first get yourself registered with one at your nearest EPF kiosk or counter. Once this is done, you will be given a temporary username and password. Then, you need to activate your account within 30 days via www.kwsp.gov.my by logging in as members. Follow through the steps for i-Akaun activation and your account will be ready for withdrawal purposes and more. Once logged in, just head to the “Withdrawals” page and click on “New Application” to start your application process.

With the EPF i-Akaun, you can in fact request for a withdrawal online via e-Pengeluaran, which is introduced as a newly enhanced e-withdrawal facility given the convenience of online transactions. As members, you can submit online applications for withdrawal of funds from your EPF accounts depending on the type of your withdrawal. Again, this facility of e-Pengeluaran is only applicable to members with an i-Akaun. With the availability of e-Pengeluaran, members do not need to have to make a personal visit to an EPF branch to submit withdrawal application form. It saves time and the hassle of undergoing the same procedure at the office.

For those who prefer the conventional way, you can also either head to the nearest EPF office or send the application form via post along with the necessary documents required. However, it is recommended to go to the counter in order to avoid postal complications since you are submitting sensitive and personal data.

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