Journey of a Kampung Investor in search of financial freedom
A large number of EPF (Employees Provident Fund) members have opted to withdraw their retirement savings for investment in unit trusts.
The EPF withdrawal amount for the first quarter 2010 rose 43.26% to RM911.15 mil from RM636.01mil withdrawn in the corresponding period last year.
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Most of the time you will hear people complain about their EPF funds. Usually we will hear people asking how to withdraw their EPF savings or EPF money? It is possible now to withdraw all your EPF savings if and only if you can’t work anymore. KWSP have come out with a master plan to help you.
This withdrawal is called the Incapacitation Withdrawal which allows you to withdraw all your EPF money or savings should you be confronted with physical or mental disability which stops you of the ability to continue working.
Yes you need to proof and provide verification of your state of health. The report must consists of details on the illness or accident which cause the incapacitation or disability.
Yes and it will be done by an EPF official upon submission of your application.
All of it.
One must complete the EPF 9L (AHL) Form and produce supporting documents like your MyKad and personal savings account passbook and also a copy of a current account statements at any EPF branch.
Not to forget, submission of the original medical report from government/private hospital or clinic will be needed.
All supporting documents must not be dated more then one year from the date of the application is received by the EPF.
You will receive an additional Incapacitation Benefit amounting to RM 5000 from the EPF as a gesture of compassion to ease you burden.
This benefit is only applicable if you are below the age of 55 and have applied for the Incapacitation Withdrawal within 12 months after your resignation or termination of service due to incapacitation.
This is a good scheme by EPF to help those who can’t work. With the money it can help lessen the burden of those unlucky people.
The only downfall of this is that i am pretty sure many people will abuse this.
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The Employees Provident Fund (EPF) performed better for 2009 compared to 2008 by declaring a dividend rate of 5.65 dividend rate for financial year ended Dec 31, 2009, up from the 4.5 percent paid out for 2008.
The Employees’ Provident Fund (EPF) dividend for 2009 is expected to be higher compared to the 4.5% paid out in the previous year.
Most Malaysians must be very pissed learning that EPF will only pay a mere 4.5% dividend for it’s members despite recording its highest ever earnings of RM20bil in gross income last year, up 9.36% from the RM18.29bil recorded previously.
Meanwhile, Amanah Saham Nasional, ASN is distributing 6.5% to it’s members which is comparatively 2% higher compared to EPF.
