EPF: No Cap To Partial Withdrawals From January
Malaysians aged 55 and 60 will now be able to make partial withdrawals of any amount any time from next January, says the Employees Provident Fund.
This is opposed to the withdrawal policies that allow members to withdraw a minimum of RM2,000 once every 30 days.
Members who chose to make monthly withdrawals would also be able to withdraw from as low as RM100 per month, a reduction from RM250 currently.
According to the EPF, the improvements were made based on members’ feedback. It also announced that members would have the option to appoint Amanah Raya Berhad as the nominee or administrator trustee for their EPF savings.
This enables faster and equitable distribution of their savings to the next-of-kin upon the death of members.