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The bad and ugly side of allowing more EPF Account 1 withdrawals

YET another special Covid-19-related withdrawal from the Employees Provident Fund (EPF) Account 1 has been given the green light by the government last Wednesday (March 16). EPF members can prematurely withdraw up to RM10,000 from their retirement kitty and have the money credited into their bank account from April 20. ....

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The State of the Nation: RM90 bil i-Sinar withdrawal changes odds of 5% EPF 2021 dividend

ON Feb 27, private sector wage earners were happily surprised when the Employees Provident Fund (EPF) declared dividends for 2020 5.2% for conventional savings and 4.9% for shariah savings even though both figures were lower than 2019.
Last year, not only did at least five million members save less money and tap into their retirement kitty to alleviate pandemic-related cash-flow strains, but even those who did not have to use those savings were concerned about dividends being hit by EPF’s holding more cash to cater for higher withdrawals. EPF, which needs to pay only 2.5% dividend and beat inflation by 2% on a rolling three-year basis, also had a low threshold to beat last year, with the Consumer Price Index (CPI) for 2020 at -1.4% the first full-year negative reading since 1969. ....

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Free-for-all EPF Account 1 withdrawals cast shadow on 2021 dividend

THERE was a good chance of the Employees Provident Fund reaching RM1 trillion in assets this year, had it not been for the Covid-19 pandemic and economic hardship that nudged the government to allow the unprecedented withdrawal of funds that were previously off limits until members reach age 55.
For those who do not need to withdraw money from their EPF accounts, one key question is likely whether a smaller fund size would mean a higher return on investment and higher dividends. Would the reverse be true?
The short answer is that there will likely be some short-term impact and the extent of the hit will depend on just how much the unprecedented Covid-19-related withdrawals reduce the overall fund size and disrupt the provident fund’s investment operations. ....

Tenaga Nasional Bhd , Tunku Alizakri Raja Muhammad , Amir Hamzah Azizan , Azizan Zainul Abidin , Ministry Of Finance Laksana , Provident Fund , Employees Provident Fund , Sinar Account , Alizakri Raja Muhammad Alias , Seri Amir Hamzah Azizan , Tan Sri Azizan Zainul Abidin , Lestari Account , டெனாகா நேஷனல் ப்ட் , வருங்கால நிதி , ஊழியர்கள் வருங்கால நிதி , சீனர் எண்ணுதல் ,

RM18.1 billion i-Lestari withdrawal to date-EPF

27 Feb 2021 / 13:50 H.
Bernama
KUALA LUMPUR, Feb 27: The Employees Provident Fund (EPF) said to date, a total of RM18.1 billion has been withdrawn by 5.16 million members under the i-Lestari facility, which was among the immediate measures undertaken by the fund amid the challenging situation in 2020 due to the pandemic.
It stepped in to help members and employers cope with cash flow issues following the Movement Control Order from March 18 to May 12, 2020 when most economic sectors were closed.
“The EPF was one of the first pension funds in the world to provide assistance to its members during the pandemic, by rolling out the hassle-free i-Lestari Account 2 Withdrawal Scheme to provide members with some measures of financial relief,” its Chairman, Tan Sri Ahmad Badri Mohd Zahir said in a statement on Saturday. ....

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EPF assets hit RM1.02 trillion but 30% may have zero balance in Account 1, 60% for Account 2

KUALA LUMPUR (Feb 27): Despite higher withdrawals amid the pandemic, the “market value” of the Employees Provident Fund (EPF)’s total investment assets hit RM1.016 trillion on Dec 3 last year. Yet the provident fund is not celebrating because some 30% or about 1.6 million of its members may withdraw almost all of their savings from Account 1 while another 60% or 3 million members “have or will use up all savings in Account 2”, its outgoing CEO Tunku Alizakri Alias said.
For the record, the EPF’s total investment assets stood at RM998 billion at the end of 2020, up 7.9% from RM925 billion at the end of 2019. The EPF wrote down RM7.71 billion from its listed equity portfolio as part of its prudent stance to maintain a healthy portfolio, he told reporters at a virtual briefing in conjunction with its 2020 dividend announcement today. ....

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