May 24, 2016

33,824 EPF withdrawals to pay PTPTN loans

33,824 EPF withdrawals to pay PTPTN loans

KUALA LUMPUR: The Employees Provident Fund (EPF) has received a total of 33,824 withdrawal applications from January to April this year, with an estimated withdrawal of RM235.7 million to settle National Higher Education Fund (PTPTN) debts.

The Finance Ministry said for 2015, a total of 26,568 EPF applications were received, involving an overall total of RM209.2 million.

“Section 54(6) of the EPF Act 1991 allows its members to withdraw their EPF savings to finance higher education for themselves or their children.

“The requirements are based on the savings amount in Account 2, studies fee or the education loan – whichever is the lowest,” according to a written reply distributed at the Dewan Rakyat here yesterday.

Member of Parliament Ahmad Lai Bujang (BN-Sibuti) had requested the Finance Minister to state the total number of EPF contributors who have used Account 2 to settle PTPTN loans.

In reply, the ministry said an overall total of 65,787 approved withdrawals worth RM578.2 million were made by EPF contributors for education funding.

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