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<\/p>\nHave you ever wonder what you can do with your EPF? Is it only can take it out after you’re 60 years old? The answer is no. You can actually withdraw some portion of your EPF to so something.<\/p>\n
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If you think that you can’t withdraw your EPF before your retirement age, then you’re wrong. You can actually withdraw it for these 7 usage.<\/p>\n
1.\u00a0Incapacitation Withdrawal<\/strong><\/p>\n This is something that you don’t want to be the reason of withdrawal because this is only applicable to those who are mentally or physically incapable of working. Before you can get this, you need to have a specialist doctor, both from a private hospital or a public hospital to evaluate the person for incapacitation and prepare a medical report, which would be submitted with the application. The member must be unemployed to enable EPF withdrawal.<\/p>\n If you’re asking what is the withdrawal limit, it would be your entire EPF savings.<\/p>\n 2.\u00a0Education Withdrawal<\/strong><\/p>\n For those who wants to further their studies, this is the best option that you can go ahead with the EPF. This withdrawal is offered to those who want to finance their higher level of education in accredited\u00a0local<\/a>\u00a0or\u00a0oversea universities<\/a>, either for themselves or for their children. Additionally, this withdrawal can also be used to reduce\/settle an existing study loan.<\/p>\n If you’re asking what is the withdrawal limit, it would be your tuition fees or whole Account 2 savings (Whichever is lower)<\/p>\n 3. Pensionable Employees Withdrawal and Optional Retirement Withdrawal<\/strong><\/p>\n This withdrawal is applicable to the EPF members who are still employed in the Public Service and are eligible to receive pensions are eligible for the Pensionable Employees Withdrawal.<\/p>\n Optional retirement withdrawal, on the other hand, allows EPF members who opt for early retirement from the Public Service to withdraw their contribution from EPF.<\/p>\n If you’re asking what is the withdrawal limit, it would be The employee\u2019s share of the contributions, including the dividends accrued on the contributions, after returning the government\u2019s share of contributions to Retirement Fund (Incorporated) (KWAP).<\/p>\n 4.\u00a0Members Investment Withdrawal<\/strong><\/p>\n Under this scheme, members\u2019 with savings that exceed their Account 1\u00a0basic savings<\/a>\u00a0amount by at least RM 5,000, are allowed to withdraw 20% from the excess savings to be invested through Ministry of Finance approved\u00a0Fund Management Institutions (FMI)<\/a>.\u00a0This\u00a0table<\/a>\u00a0lists the benchmarked basic savings according to members\u2019 ages.<\/p>\n If you’re asking what is the withdrawal limit, it would be\u00a0The maximum withdrawal sum is calculated as follows:\u00a0(Account 1 \u2013 Basic Savings) x 20%<\/p>\n 5.\u00a0Savings of More than RM1 Million Withdrawal<\/strong><\/p>\n If you have savings more than RM1 million, then this withdrawal allows you as EPF members to withdraw their savings if their credit is at least RM1.05 million.<\/p>\n If you’re asking what is the withdrawal limit, it would be\u00a0No less than RM50, 000 from Account 2. If insufficient, the balance will be taken from Account 1.<\/p>\n 6.\u00a0Health Withdrawal<\/strong><\/p>\n This health withdrawal allows EPF members to withdraw their savings from Account 2 to pay for medical expenses incurred for the treatment of critical illnesses AND\/OR to buy medical aid equipment, as approved by the EPF Board, for themselves or their allowed family members.<\/p>\n If you’re asking what is the withdrawal limit, it would be\u00a0Cost actual medical cost or whole Account 2 savings. (Whichever is lower)<\/p>\n 7.\u00a0Hajj Withdrawal<\/strong><\/p>\n You can fund their Hajj trip by withdraw savings from your Account 2 in order to . The amount, however, is capped and should only be used to supplement basic expenses; not the entire cost of the trip. This is so that the withdrawal would not undermine the members\u2019 retirement savings.<\/p>\n In order to be eligible for the withdrawal, one or more of the following must be true:<\/p>\n If you’re asking what is the withdrawal limit, the allowed withdrawal sum is the lower of the two methods listed below:<\/p>\n The total cost for Hajj, as prescribed by LTH, depends upon the different years. For example, for current first time pilgrims, Hajj fees are RM 9,980. Note that, this cost is subsidized (RM 6,175) by LTH for first time pilgrims. This subsidy is not offered to those who have already performed Hajj before.<\/p>\n These are only the few options and there are numerous options for EPF\/KWSP withdrawals that you can use it for. But before you really withdraw it, you really need to weigh the pros and cons of taking money out of your EPF accounts.<\/p>\n","protected":false},"excerpt":{"rendered":" Have you ever wonder what you can do with your EPF? Is it only…<\/p>\n","protected":false},"author":3,"featured_media":2631,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[67],"tags":[385,384],"class_list":["post-2625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-epf","tag-kwsp"],"acf":[],"yoast_head":"\n![\"\"](\"https:\/\/www.everydayonsales.com\/news\/wp-content\/uploads\/sites\/5\/2018\/06\/Government-New-Initiative-To-Combat-Corruption.jpg\")
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