S
Shingen Takeda
Guest
Thursday December 16, 2010
EPF: Retirees prefer lump-sum withdrawal
KUALA LUMPUR: Lump-sum withdrawal of EPF savings continues to be the preferred option for retirees, the Employees Provident Fund said.
The number of applications approved increased marginally to 32,752 applicants in the third quarter of this year compared to the 32,446 for the corresponding period last year, EPF said in a statement.
However, it noted that there was a growing number of members who opted for staggered withdrawals.
The number of applications for the Flexible Age 55 Withdrawal scheme grew by 37.6% to 17,099 applications from the 12,427 last year.
As for nomination of beneficiaries, EPF said 4.25 million members had done it compared with 3.3 million in the corresponding period last year.
“Members, especially the younger generation, are taking seriously the responsibility of naming their beneficiaries,” said EPF chief executive officer Tan Sri Azlan Zainol in the statement.
The figures reflected a general increase in awareness among EPF members to safeguard the future of their loved ones.
Applications for withdrawals of savings of more than RM1mil for this year showed an increase of 93.96% to 353 from the 182 in the third quarter of last year.
