According to the Employees Provident Fund Board (KWSP), a total of 5.3 million special withdrawal applications were received as at April 14, involving a total amount of RM40.1 billion. Successful applicants will receive their payments from April 20 onwards.
According to the Board, a total of 11.95 million EPF Board members were eligible for withdrawals, while only 5.3 million or 44% of the members participated.
A total of 55% of the B40 low income group earning up to RM1,700, 59% of the M40 middle income group earning between RM1,701 and RM4,900 and 39% of the T20 high income group earning more than RM4,900 participated in the withdrawal scheme.
The EPF Board also said that 29% of the informal and inactive members made withdrawals, of which 65% were ethnic Malay, 12% were Chinese, 7% were Indians and the remaining 17% were Sabah, Sarawak indigenous and non-citizens.
When making a withdrawal request, members were asked to answer why they were participating in the withdrawal. 24% of members indicated that their income had decreased, 23% withdrew money to assist their spouse or family and 14% withdrew money to increase their source of income.
In terms of how the money received would be used, 40% of members indicated that it would be used to supplement their daily or monthly essential expenses, 26% withdrew money to pay off debts, 8% withdrew money to augment their emergency fund, 7% withdrew money to assist affected family members and 27% used it to pay for their children’s education, non-essential expenses and investments.
