I heard a lot of forumer keep on discussing about this issue recently - KWSP steal citizen money! KWSP allow monthly withdrawal from EPF account 2 for the monthly housing loan repayment. But, from their discussion, some of them said that the withdrawal plan is actually a SCAM! I am sure you will feel keen to know more on this issue, right? Let me share with you what I’ve heard:
We take an assumption here:
If you have RM50,000 in your EPF account 2 and your monthly housing loan’s installment is RM1000/month. KWSP will approve your application of withdrawal from your EPF account 2 of RM50,000 and pay you RM1000/month for the next 50 months.
The only thing that KWSP did not inform us in detail is that when the application was approved, will the total amount RM50,000 is removed from EPF account 2? In the other words, it appears to be transferred to an unknown account to effect the monthly payment?
After my careful calculation, I found out that there’s huge impact to us if it was true:
You will lost the dividend gain. Let say the KWSP dividend is 5%, then you will lose RM2,500 in dividend during the 1st year. Based on the above example you will lose more than RM10,000 over the 50 months period!
The above is just my rough assumption and I do not have any evidence to show that they will transfer our money to unknown account. Anyway, this is just my personal sharing, do not panic and please keep thinking positive with KWSP Malaysia since a lot of Malaysians these days do not even know how to save, and get themselves into debt before 30. EPF forces us to save 11% of our salary each month and the money will come back to us guaranteed at 55 plus dividend so that we can retire comfortably.