In a statement today, the pension fund said payments would be made in batches, with the first one set to commence on Wednesday (April 20).

“The number of applications received represented 44% of the 11.95 million members eligible to withdraw their savings under the facility.

“Breaking down by wage groups, this represented 55% of eligible B40 members (those earning less than RM1,700), 59% of M40 members (RM1,701-RM4,900), and 39% of T20 members (those earning more than RM4,900),” it said.

It said a further 29% of informal and inactive members had also applied.

EPF said Bumiputera Malays made up the bulk of applicants at 63%, followed by Chinese (12%) and Indians (7%) while the remaining 17% were non-Malay Bumiputeras from Sabah and Sarawak and non-Malaysians.

“Based on feedback from members applying for the facility, the three top reasons for applying included reduction in income/wage (24%), to assist affected spouse/family members (23%) and to increase sources of income (14%).

“As for the utilisation of proceeds, 40% said it will be for the purpose of supplementing daily/monthly essential expenditure, settling outstanding debts (26%), increasing emergency fund (8%) and assisting affected family members (7%),” it said.

The remaining 19% said it was for other purposes such as paying for children’s education, non-essential expenditure and investment.

EPF said it has put in place measures to prevent irresponsible third parties or scammers from making fake submissions.

“Members are strongly advised not to share photos or documents of their submissions on social media and to exercise caution when withdrawing their money to avoid falling victim to potential scams and fraudsters.

“The EPF reminds members to consider their long-term income security and withdraw their savings only if absolutely necessary and utilise the money wisely and for the stated purposes,” it added.

The Special Withdrawal facility will be closed on April 30.