EPF: Only members with enough savings are qualified to apply FSA2


KUALA LUMPUR: The Employees Provident Fund (FPF) has received 74,392 applications under the Support Facility Account 2 (FSA2) as of 14th April 2023 and out of which 34,643 are qualified applicants and RM722 million has been allocated by the retirement fund for such initiative.

EPF in a statement said, the facility provided is to enable members to make early withdrawals for Conditional Withdrawal 50 Years or 55 to get personal financing from the banks that are participating and this includes MBSB Bank via the Syariah Ihsan-I starting from 7th April and Bank Simpanan Nasional (BSN) via BSN MyRinggit Insan-I starting 14th April 2023.

According to the statement, it is open for one year to enable qualified EPF members to have sufficient time to submit their applications.

Meanwhile, EPF Chief Executive Officer Datuk Seri Amir Hamzah Azizan said: “There was confusion among EPF members on the monthly personal financing payment. We would like to clarify that the facility is targeted to EPF members with savings in Account 2 and supported by reasonable income to enable them to pay the related personal financing and committed to making payments on the scheduled time.”

EPF statement added, besides depending on the amount of savings in Account 2 the qualified member is eligible for the minimum financing of RM3,000 and maximum RM50, 000. Members can make applications for personal financing via online MBSB Bank or BSN. After the personal financing has been approved, the member can submit the early application for Conditional Withdrawal 50 Years or 55 to EPF.

“Under Phase 1, qualified members aged 40 years old and above are eligible to apply depending on the term and conditions set by the bank,” the statement said.

The statement also highlighted that the amount of the withdrawal is based on Page 2 of the Conditional Withdrawal 50 Years and 55 and the amount applied under the facility.

Further information on the Support Facility Account 2 is available at www.kwsp.gov.my or contact EPF Communication Management Centre at 03-89226000. – Malaysia World News




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