Use your EPF to pay for your Home Loan or Tuition

Your EPF account isn’t just a retirement fund: it can also be used to aid in debt management by helping you pay for your home loan, school tuition, or investments.

We all know the importance of having an Employees Dividend Fund (EPF) account: That special fund that can only be accessed after retirement. But besides acting as a retirement nest egg did you know that your EPF savings can be used to help you with some of your debt?

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EPF withdrawal not for settling debt

The government will not allow withdrawals from Employees Provident Fund (EPF) as a solution to address Malaysians’ increasing debt, says Deputy Finance Minister Datuk Ahmad Maslan.

Ahmad Maslan said withdrawals for the purpose of debt settlement is against EPF’s core objective as a social security institution which provides retirement benefits for employees.

“It is against the EPF’s objectives. EPF withdrawals to settle credit card debt and also other debts will reduce the retirement savings which will definitely leave an impact to the employees in their later days,” he told the Dewan Rakyat yesterday.
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Dividend may be lower this year: EPF

epf-lower

KUALA LUMPUR (June 18, 2013): The Employees Provident Fund (EPF) has warned of the possibility of a lower dividend – the inflation rate plus 2% – this year, as it grapples with lower returns from government bonds which made up 55.2% of total investments in 2012.

Its CEO, Datuk Shahril Ridza Ridzuan, is, however, confident that it will be able to meet its inflation plus 2% dividend rate target “as long as inflation is under control”.

The EPF announced a record dividend of 6.15%, or inflation plus 3.5%, for 2012, earlier this year. Returns from fixed income instruments exceeded 5.5% last year.

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