Read and find out more about how to withdraw EPF money Malaysia.
If you read the headline in The Sun Daily today (22 Sept, 2014), I am sure many Malaysians who are EPF (Employees Provident Fund) account holders are surprised to learn that EPF or KWSP (Kumpulan Wang Simpanan Pekerja) stops paying dividends to them once they have reached 75 years old or older.
In other words, it means your money with EPF doesn’t earned any more interests, even if you are still working and contributing. In fact, EPF corporate affairs unit head Nik Affendi Jaafar advises Malaysians who have reached the age of 75, should withdraw their funds from EPF.
As reported in the papers, since 2008 Malaysia KWSP has stopped paying dividends to account holders once they turn 75 years old. Interestingly, even MTUC president Mohd Khalid Atan, who is among those who sit on the EPF board doesn’t know about this policy.
Most Malaysians just know or have been constantly being advised that they should keep your EPF money as much and as long as possible with EPF or KWSP, so that they have enough fund when they need it during their old age.
Do you know there are other things which most Malaysians who are EPF contributors do not know about? Besides education or purchase house withdrawal, there are others like the death and incapacitation benefits, which are not paid from the members’ savings but from EPF’s investment earnings
You can read about the death benefit from Malaysia EPF, which I have written about it before.
I have also written about how to withdraw money from your EPF Account Two when you have reached 50 years old from my own experience.
To find out more about the various withdrawals from your EPF money, click this link.