Jan 17, 2017

No change to current types of withdrawal, says EPF

No change to current types of withdrawal, says EPF

KUALA LUMPUR, Jan 16 — The Employees Provident Fund (EPF) has yet to receive any proposal to reactivate the withdrawal for computer purchases from the second account.

As of now, there are no changes to the current types of withdrawals, said EPF in a statement to clarify several news reports which carried the remarks by Deputy Finance Minister Datuk Lee Chee Leong on the proposal to resume the withdrawal facility.

The earlier Computer Purchase Withdrawal Scheme, which was introduced in 2001, had to be discontinued in August 2002 following cases of abuse upon discovering the intended withdrawals were not used to purchase a computer.

“EPF would like to stress that the savings are to fund members’ retirement with the pre-retirement withdrawal facilities being introduced to cover basic needs such as buying a house, paying for medical expenses and education,” it added. — Bernama

Original source: themalaymail

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