Employees
Provident Fund (EPF) recently introduces flexible withdrawal for its members.
Now they can withdraw their saving from Account 2 for housing and education
purposes.
EPF members are also given the flexibility to either
help their husband or wife to reduce or pay off the housing loan though they
are not the joint owners of the house. Members must fulfil the conditions that
they do not have any housing loan, that their husband or wife is the owner and
borrower for the house, that the house is under mortgaged loan and the member
must show proof of their marriage.
Under Education Withdrawal, members are allowed to
withdraw saving for their own or their children’s studies at Diploma level.
Previously, members were only allowed to
withdraw from Account 2 to reduce or pay off the housing loan once in three
years. For Education Withdrawal, members were only allowed to withdraw for
their own studies at Diploma level, and for degree levels and above, for their
children.
The changes are part of EPF’s efforts to respond to
the needs of its 5.2 million active members nationwide.
EPF is the
Malaysian national saving scheme that provides financial guarantee for
retirement purposes. In addition, EPF is committed to secure and increase the
members’ saving through prudent and wise investment and corporate management.
