The Employees Provident Fund (EPF) was established under the EPF Act 1951. The EPF is a statutory organization that is responsible for providing financial security in the form of savings for its members upon their retirement.
Until 1958 the Director of Post administered the Fund and subsequent to that, the Board took over its operations. The EPF received its first monthly contributions, totaling RM2.6 million from 518,948 members in August 1951. Fifty years later, its membership increased to 9.7 million with annual contributions of RM20.97 billion.
During the early years, the WPF provided coverage only for certain categories of workers. Then in 1970, the EPF expanded its role to cover almost all workers.
EPF members are allowed to withdraw their savings for retirement purposes at the age of 55 and prior that age, they are allowed to withdraw part of their savings upon reaching 50 years of age, for housing, healthcare and other purposes.
EPF is administered by Board of Directors. The Fund’s headquarters is located at the EPF Building in Kuala Lumpur. The Fund has 14 States Offices and 48 branches throughout the country.
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