Malaysian Employees Provident Fund members’ accounts are divided into Account 1 (Akaun 1) and Account 2 (Akaun 2). The amount of deposits in Account 1 accounts for 70% of the entire account while Account 2 accounts for 30%.
The savings in the first account is a veritable pension or retirement fund, and you are not allowed to withdraw the savings in the first account before you reach the retirement age of 55.
We all know that the savings in the second account of the provident fund can be withdrawn for the purpose of purchasing a house, paying medical bills, education expenses, and so on. But did you know? In addition to the above, there are other lesser known uses for your CPF second account. There are 15 reasons for CPF members to withdraw their savings from their account.
Types Of Withdrawals
1. Age 50 Years Withdrawal
2. Age 55 Years Withdrawal
3. Withdrawal to Reduce / Redeem Housing Loan
4. Incapacitation Withdrawal
5. Leaving Country Withdrawal
6. Education Withdrawal
7. Pensionable Employees Withdrawal And Optional Retirement Withdrawal
8. Members’ Savings Investment Withdrawal
9. Withdrawal to Purchase / Build a House
10. Withdrawal Of Savings Of More Than RM1 Million
11. Housing Loan Monthly Installment Withdrawal
12. Death Withdrawal
13. Flexible Housing Withdrawal
14. Health Withdrawal
15. Hajj Withdrawal
