With the introduction of the EPF online payout (e-payout) with CIMB Bank, CIMB Bank enables the bank’s seven million customers to experience a faster, easier and safer payout of funds from the Employees Provident Fund (EPF).
Gone were the days of waiting until we reached a certain age to withdraw our funds from the Employees Provident Fund (EPF). Well, at least for now. The Employees Provident Fund (EPF) supports the government’s initiative to address the needs of Malaysians affected by the pandemic by introducing early exit to help EPF members overcome the effects of the Movement Control Order (MCO) in the short term.
With the CIMB Bank EPF online payout (e-payout), the bank’s customers can now manage the repayment/payment of loan financing easily and conveniently from home without having to go to a bank branch. With the trend towards electronic withdrawals, this alternative payment acceptance offers customers who do not want to worry about the risk of contracting Covid-19, which is currently still dangerously high in our country. Most importantly, by staying indoors you can decrease your chances of getting or spreading the virus.
Users can register for the EPF online withdrawal feature simply by needing an EPF-i-Akaun that has already carried out withdrawal activities. Examples of payment types are reducing or repaying a home loan/financing or paying monthly instalments. If you are in this category, you can now register for the EPF online payout.
The EPF online payout can be opened in four easy steps: First, log into your KWSP (www.kwsp.government.my), click on E-Payout and select your preferences. Second, as your institution, click on CIMB and then click Submit. Thirdly, KWSP informs you about the status of the application via i-Account or SMS. Finally, visit the nearest KWSP counter to check the fingerprint. The EPF online payout (e-payout) has now been successfully opened. The account holder can immediately begin with the EPF online payout at CIMB Bank.
Even though EPF withdrawals are now available, it is strongly advised that all its members be wise with their i-Sinar withdrawals. The EPF’s exit was launched late last year by the government as one of the ways to ease the financial burden on members from the Covid-19 pandemic and the bad economy is created. The government hopes that access to this money can help Malaysians to rebuild their life that has been severely impacted by the pandemic.
Since the pandemic, Malaysia has seen the unemployment rate rise a lot after the first lockdown in March 2020 severely impacted the Malaysian economy. In 2021, it is to be said that up to 2 millions job will be lost. There were theories that up to millions of jobs could be lost this year. The government is doing all that it can to rebuild the country’s economy to where it’s supposed to be.
Hopefully, all of the government’s efforts to make our economy better will work out and we will see a better economy for us in the future.
For more information about EPF Online Withdrawal (e-withdrawal) with CIMB Bank, users can go to:
Asyiqin Razak is a content writer under Headliner by Newswav, a programme where content creators get to tell their unique stories through articles and at the same time monetize their content within the Newswav app.
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