THE Employees Provident Fund (EPF) has received a total of 5.3 million applications worth RM40.1 billion under the Special Withdrawal facility as of 8pm on Thursday.

The application has been opened to members since April 1.

In a statement today, the pension fund said payments would be made in batches with the first batch set to commence on Wednesday.

“The number of applications received represented 44% out of the 11.95 million members eligible to withdraw their savings under the facility.

“Breaking down by wage groups, this represents 55% of eligible B40 members (those earning less than RM1,700), 59% of M40 members (RM1,701-RM4,900), and 39% of T20 members (earning above RM4,900),” it said.

It said a further 29% of informal and inactive members also applied.

EPF said Bumiputera Malays made up the bulk of applicants at 63%, followed by the Chinese (12%) and Indians (7%) while the remaining 17% were Sabah and Sarawak Bumiputeras as well as non-Malaysians.

“Based on feedback from members applying for the facility, the top three reasons for applying included reduction in income/wage (24%), assist affected spouse/family members (23%) and increase sources of income (14%),” it said.

“Supplementing daily/monthly essential expenditure makes up 40%, settling outstanding debts (26%), increasing emergency fund (8%) and assisting affected family members (7%) with the remaining 27% for other purposes such as paying for children’s education, non-essential expenditure and investment,” it said.

EPF said it has put in place measures to prevent irresponsible third parties or scammers from making fake submissions and posing a danger to members’ savings.

“Members are strongly advised not to share photos or documents of their submissions on social media and to exercise caution when withdrawing their money to avoid falling victim to potential scams and fraudsters.

“The EPF reminds members to consider their long-term income security and only withdraw their savings if it is absolutely necessary and utilise the money wisely and for appropriate purposes,” it added.

The facility will be closed on April 30, 2022. – Bernama, April 16, 2022.