The Employees Provident Fund (EPF) is the federal statutory body under the Ministry of Finance. The fund manages the compulsory savings plan and retirement planning for workers who are employed in the private sector in Malaysia. This is a mandatory requirement for Malaysiancitizens, and voluntary for non-Malaysian citizens.
Both employees and employers will make a contribution to their EPF accounts. Private sector employees who are members of the EPF will be able to withdraw all or part of their savings once they have reached the age of 55-years. They can opt to withdraw any amount at any time.
EPF withdrawals are available for eligible members who are Malaysian citizens or non-Malaysian citizens residing in Malaysia who have an EPF account, but they must be between 55 and 59-years old and hold their savings in Account 55. There is no minimum withdrawal amount required.
All applications for withdrawal must be made one month prior to reaching the age of 55, as members will only be paid once they have reached that age. Members may opt for full or partial withdrawal until they have reached the age of 100-years.
How EPF Payments Are Made:
EPF members will have their payments credited directly into their bank accounts, subject to the following conditions:
- Members have an active account that is with a panel bank appointed by the EPF
- The member’s identification number MUST match the bank’s record
- Payments will be made in Ringgit Malaysia (RM)
If a payment can’t be credited into a member’s account, a banker’s cheque will be issued instead.
