Contributions to EPF up 10.8% in Q1

KUALA LUMPUR: The Employees Provident Fund (EPF) recorded a 10.83% increase in contributions received in the first quarter (1Q’18) to RM19.24 billion in tandem with the increase in membership, from RM17.36 billion recorded in the same quarter last year.
This brought the total accumulated contributions to RM774.48 billion, according to its statement today.
As at end March 2018, EPF members totalled 13.91 million, of whom 7.18 million were active contributors with 148,212 newly registered members.
The total number of approved applications for all withdrawals in 1Q’18 rose 9.52% to 644,715 from 588,659 in 1Q’17. This involved the total amount withdrawn in 1Q’18 of RM13.42 billion, compared with RM14.1 billion in the corresponding period in 2017.
Meanwhile, the total number of approved applications for Age 55 Flexible Withdrawal was up 21.77% to 68,101 from 55,925 approved applications in the corresponding quarter in 2017. The amount withdrawn under the scheme was RM3.06 billion, compared with RM2.21 billion in 1Q’17.
The quarter also saw an 11.9% rise in the number of newly registered employers to 18,180 from 16,246 in 1Q’17, adding to the total number of registered employers to 498,097 as at end March 2018.
Usage number of its flagship electronic service i-Akaun jumped 80.58% to 11.12 million in 1Q’18 from 6.16 million in the corresponding period last year. As at end March 2018, 5.06 million or 36.38% of total EPF members had registered with i-Akaun.
The EPF recorded a marked increase in the number of downloads of the “EPF i-Akaun” mobile app to 2.36 million since its roll-out in 2014.
EPF deputy CEO (operations) Datuk Mohd Naim Daruwish said EPF has been introducing several more enhancements to its service delivery channels as its membership and employer database continue to increase every quarter.
Some 433,691 or 99.95% of employers used the EPF’s electronic medium, including e-Caruman, to submit their employees’ contribution details in 1Q’18, whereas 333,550 or 77.22% used the e-payment system to make contribution payments.