THE total payment for the Employees Provident Fund (EPF) Account 2 Support Facility (FSA2) programme that had been approved was RM835.4 million for 40,196 applications as of May 26, 2023.

The Finance Ministry said that of the total payment, RM790.8 million was channelled through MBSB Bank Bhd, while RM44.6 million was paid through Bank Simpanan Nasional.

“As for ineligible applications, most are due to the applicants not meeting the eligibility requirements such as incomplete applications, being outside the eligibility age and having insufficient savings in Account 2,” it said in a written answer posted on the Parliament website today.

The Finance Ministry was replying to the question by Yusuf Abd Wahab (Tanjong Manis-GPS) who asked the ministry to state how many EPF contributors have been approved for the Phase 2 withdrawal applications and the approved amount.

The FSA2 initiative aims to help EPF members who need financial assistance obtain personal financing from banking institutions. It also balances the importance of future retirement income with a minimal impact on members’ retirement savings that have been greatly affected, particularly from the impact of permitted withdrawals during the Covid-19 pandemic. – Bernama, June 14, 2023.