Member contributions to the EPF account monthly will be deposited into the first account until the prior withdrawal balance is reached.
The monthly provident fund payment will go into the first account until the balance of the prior withdrawal is reached.
The EPF Special Withdrawal Scheme (Pengeluaran Khas), which was introduced by the government in April of this year, allows members to take a one-time withdrawal of RM10,000 from their EPF accounts. The KWSP then announced that the amount of the members’ monthly payments would start going into the first account and continue there until the withdrawal amount was satisfied.
If you have ever used the Provident Fund Special Withdrawal Scheme, you can check to see if your regular payments have made it to the first account. Your withdrawal amount has been satisfied if you see that the monthly payment begins to divide into two portions, with one portion beginning to go into the second account.
Each member of the provident fund has two accounts there, the first account and the second account. The second account can be used to purchase a home, pay for healthcare, education, and other costs before retirement, whereas the first account is essentially a pension account.
In normal conditions, the provident fund that members pay each month will be placed into the first account and the second account in the ratio of 70% to 30%, or 70% of the payment will be deposited into the first account and 30% will be deposited into the first account. The sum of the payment will be credited to the second account.
Members can use the i-AKaun APP to view the most recent status of their provident fund accounts.
