Benefits of KWSP (EPF)


Your EPF savings are meant for your retirement. But other than this, what does EPF do?


Kwsp

If an EPF member suffers from incapacitation or in the event of deaththe Incapacitation and Death Compensations are payable to the member/guardian or beneficiary to help lessen the financial burden :

The Incapacitation Compensation will be paid to the member who has lost his job owing to incapacitation and has made an Incapacitation Withdrawal. The amount for Incapacitation Benefit is RM5,000.00, subject to certain conditions,

OR

Compensation for death (Death Withdrawal) to the member’s dependentThe amount for Death Benefit is RM2,500.00, subject to certain conditions.

*The money comes from EPF investment earnings and not from the member’s savings.

 

For EPF members who are still employed in the Public Service , they are eligible for the Pensionable Employees Withdrawal or Optional retirement withdrawal which allow them who opt for early retirement from the Public Service to withdraw their contribution from EPF.

 

Besides, 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.

Other than that, an EPF member can also make an Education Withdrawal if they want to finance their higher level of education in accredited LOCAL or OVERSEA universities, either for themselves or for their children. Additionally, this withdrawal can also be used to reduce/settle an existing study loan.(PTPTN)

*Health & Education withdrawal from Account 2 only.

Last but not least, do you know that you are EXEMPTED from paying Income Tax for monies withdrawn under the EPF savings withdrawal schemes ? Returns on the EPF investment are also tax exempted!

 

For more information, visit www.kwsp.gov.my


Comments

Nothing here yet! Add your thoughts below!

Add Your Comment

Sign in now to add your comment!



Why Choose E-insure?


Iconsfile klcc
We are #1 in Malaysia

The #1 insurance comparison site in Malaysia. We have helped thousands of customers with their insurance decisions.

Iconsfile lock
Absolutely Free To Use

All our services on this site are 100% free! We also provide personal consultation to find the best deal for you.

Iconsfile 03
Easy To Use

You can complete the whole process for your insurance cover easily from where you are now, with just a few clicks away!

Iconsfile 04
We Understand Your Need

We have a team of experts with many years of experience on this field and we promise to deliver the best service which you deserve!