![]() The i-Lestari scheme contributed about RM14.8 billion of withdrawals last year, The Edge’s compilation of data from Laksana reports show.Įven if a rare net withdrawal happens this year, EPF is set to resume its growth path next year, provided that the economy and job market recovers strongly from the Covid-19 pandemic. ![]() Last year, net inflow or contribution was RM20.1 billion with (gross) contribution at RM78.4 billion versus RM58.3 billion in withdrawals (RM44.8 billion in 2019). Over the past 15 years, EPF has usually seen a net inflow, with contributions received exceeding withdrawals by between RM9.7 billion and RM31.1 billion each year, official data shows. This is sizeable, though lower than the RM5 billion EPF said was released back to members between April and December last year when the statutory contribution rate for employees was lowered to 7% from 11%. Inflows or (gross) contributions are estimated to be RM2.2 billion lower since the imposition of a two-percentage-point reduction in employees’ statutory EPF contribution to 9% for this year. About RM6 billion have also been taken out this year by members from their Account 2 via the i-Lestari programme, which saw a total of RM20.8 billion withdrawn between April 2020 and March this year. Some RM58.8 billion in withdrawals have already been approved under the i-Sinar Account 1 scheme this year. Members only need to leave a balance of RM100 with EPF. The RM84 billion in total approvals could rise to RM95 billion by year-end, given that the total withdrawal under i-Citra is estimated to reach RM30 billion by the time applications close on Sept 30. Under the programme, 12.4 million eligible members or 98% of 12.6 million members below the age of 55 can withdraw up to RM1,000 a month over five months (RM5,000 in total), with payments credited starting from August. Three weeks after applications for the latest Covid-19-related withdrawal scheme, i-Citra, started on July 12, some 4.62 million EPF members had applied to withdraw a total of RM19.3 billion in retirement savings. This is more than the RM78.4 billion in gross contributions received by the provident fund for the whole of 2020, a back-of-the-envelope calculation shows. THE Employees Provident Fund may see a rare net withdrawal for the whole of 2021, owing to Covid-19-related special withdrawals that already total RM84 billion, based on the approvals given to date this year. If only DID had repaired the pumps, laments assemblyman © Provided by The Edge
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