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Tuesday, June 15, 2010

EPF's health withdrawal scheme to include 36 critical illnesses from June 15

Published: Monday June 14, 2010 MYT 8:52:00 PM

PETALING JAYA: Beginning Tuesday, Employees Provident Fund (EPF) contributors can withdraw money from their Account 2 for the treatment of 36 different critical illnesses, compared with 13 previously.

The list, which currently allows for the withdrawal for treatment of critical illnesses such as major organ transplant, multiple sclerosis, stroke and cancer, has now been expanded to include diseases such as Alzheimer's, Parkinson's, chronic liver and lung disease and lupus, EPF said in a statement Monday.

Also included in the list of 36 were treatment for heart attack, coma, kidney failure and paralysis.

In addition to the 36 critical illnesses, members could now make withdrawals to treat family members below the age of 16 for another three critical illnesses, namely severe asthma, leukaemia and intellectual impairment due to accident or sickness, the statement said.

"The new expanded list takes into consideration the significant costs required in treating these critical illnesses and is aimed at helping members fully settle or help ease their financial burden of seeking treatment," EPF chief executive officer Tan Sri Azlan Zainol said in the statement.

Under the EPF Health Withdrawal scheme, members are allowed to withdraw from their Account 2 to pay for their own and family members's medical costs for the treatment of critical illnesses.

"Family members under this withdrawal include spouse, children, step-children or legally-adopted children, parents, parents-in-law, step-parents or legally foster parents and siblings," the statement said, adding that members could also make joint withdrawals with family members to cover the required medical expenses.

According to EPF, members were not eligible for the withdrawal if the medical treatment cost was fully covered by their employer or if they were receiving fertility or alternative treatments.

For more information, log on to www.kwsp.gov.my, contact EPF's call centre at 03-8922-6000 or visit its nearest branch.-the star online

More EPF members making withdrawals for unit trust plan

Friday June 11, 2010

KUALA LUMPUR: A significantly larger number of Employees Provident Fund (EPF) members have opted to withdraw part of their retirement savings for investment in unit trusts.

The amount withdrawn under Members Investment Withdrawals in the first quarter of 2010 rose 43.26% to RM911.15mil from RM636.01mil withdrawn in the corresponding period last year, said EPF in a press statement.

Total applications approved under this withdrawal increased to 113,809 from 87,420 in the same period last year.

“The increase in withdrawals for investments is in tandem with the recovery in the domestic economy that began in the third quarter of 2009, and has since continued to gain momentum,” said EPF chief executive officer Tan Sri Azlan Zainol.