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Guidelines for EPF withdrawals for bankrupts and those under bankruptcy proceedings

5529 Views  ⚫  Asked 3 Years Ago
asked on Oct 3, 2014 at 21:12
by   jeff005
edited on May 12, 2016 at 09:05
 
@poppy

Your posting would start or add additional issues to new forumers and to those hoping to withdraw EPF @50  @55.

Jane withdrew under the old EPF format which has got 3 accounts. Since 5 or 6 years ago it has merged into Account (1) (70%) and Account (2) (30%) for current contributions.

Old Format
@50  Can withdrawal (1/3) of total amount.(i.e. 33.33%)
@55  Can withdraw ALL.

New Format
@50  Can withdraw ALL in Account (2) only. (In theory 30% of total Amount for those not who has not withdrawn before)
@55  Can withdrawal ALL.

Withdrawals are allowed BEFORE @50 at Account (2) ONLY for housing loans installments, buy new house (1st house), settle partial housing loans, education, medical. For more details PLEASE go to the EPF (KWSP) website. So, for current withdrawals at Account (2) may not be exactly 30% of the total amount in EPF.

WITHDRAWALS FOR CONFIRMED BANKRUPTS @50..  @55..

Notes ONLY:-
If you leave your money in EPF, Jabatan Insolvensi Malaysia (JIM) cannot take your money to pay your creditors. The moment you withdraw, by right, EPF has to make the cheque out to JIM. JIM may withhold a portion of it to pay your creditors, sometimes a big chunk if your withdrawal also a big chunk, say RM1M. The balance give you back. In the event if you decide to leave this horrible world, all the monies goes to your nominees. Zero $$$$ to JIM for creditors. So, PLEASE UPDATE YOUR NOMINEES LIST now!

If you still forget, and or the nominees is also not around anymore.. Say goodbye to all your hard earned monies. All goes to Bank Negara Malaysia (BNM) then to JIM then to your creditors. If you don't have any nominees in mind, you can nominate me. Thank you very much!

WITHDRAWALS FOR THOSE UNDER THE THREAT OF BANKRUPTCY PROCEEDINGS @50..  @55..

There may be some breathing space for you. READ THROUGH ALL THE SEPTEMBER 2014 POSTINGS.

Please be more specific when doing your posting enquiries. A BANKRUPT is a confirmed bankrupt. A person under BANKRUPTCY PROCEEDINGS is not a bankrupt.
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