Thursday, September 8, 2011

EPF reports better 2Q performance

KUALA LUMPUR: The Employees Provident Fund's (EPF) performance report for the second quarter of this year showed an increase of 60.05 per cent in investment withdrawals to RM1.78 billion from RM1.56 billion in the same quarter last year.

The total number of approved applications under this withdrawal also grew 52.9 per cent to 199,441 compared to 130,442 applications in the same quarter last year.

EPF chief executive officer Tan Sri Azlan Zainol said the continued growth of withdrawals for investments was the result of increasing awareness among members to prepare for their retirement.

"However, we urge our members to be cautious when investing as the market may face increased volatility with the debt woes plaguing some developed countries which could have an adverse impact on the global economy," he said in a statement today.

In the same quarter, flexible age 55 withdrawals also saw a 48.18 per cent growth in the number of application growth at 26,313 against 17,757 last year, while the amount withdrawn during the quarter rose 34.89 per cent to RM981.37 million versus RM727.51 million previously.

EPF also announced that it has won the IDC Enterprise innovation Award 2011 for its Enterprise Identity Management System at the recent CIO Summit 2011. ' Bernama

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