Malaysia legislation
Section 54
Section 54
(a)
the member of the Fund has died;
(b)
(Deleted by Act A1300);
(c)
the member of the Fund is physically or mentally incapacitated from engaging in an employment; or
(d)
(Deleted by Act A1123);
(e)
the member of the Fund is not a Malaysian citizen and is about to leave Malaysia.
(1A)
Subject to any regulations and rules made under this Act, for the purpose of paragraph 54(1)(a), any member of the Fund may make nomination for the purpose of payment of credit after the death of the member.
(2)
(Deleted by Act A1300).
68 Laws of Malaysia
(3)
(Deleted by Act A1300).
(4)
A member of the Fund who, before 1 August 1995, has made a withdrawal of all sums of money standing to his credit in the Fund on the grounds that he is about to leave Malaysia with no intention of returning to Malaysia or with the intention of residing in the Republic of Singapore shall be treated as an employee under this Act if he has given to the Board and his employer a notice in such manner as may be prescribed by the Board of his intention to contribute to the Fund.
(4A)
(Deleted by Act A1300).
(5)
(Deleted by Act A1300).
(6)
Notwithstanding subsection
(1)
and subject to subsection 59(2), the Board may authorize an application of a member of the Fund to withdraw part of the amount standing to his credit upon any terms and conditions as may be prescribed by the Board if the
Board is satisfied that—
(a)
the member of the Fund has attained the age of fifty years;
(b)
the member of the Fund has purchased or built a house;
(ba) the member of the Fund has sold the house that was purchased or built using a withdrawal under paragraph (b) and subsequently has purchased or built another house;
(c)
the member of the Fund has purchased or built a house and has taken a loan under paragraph 26(1)(f) for the purchase or construction of the house;
(d)
the member of the Fund has purchased or built a house and has taken a loan and the house has been charged as security for the loan;
(da) the member of the Fund has sold the house charged as security for the loan under paragraph (d) and has subsequently purchased or built another house and has
Employees Provident Fund 69
taken another loan and the new house has been charged as security for the other loan;
(e)
the member of the Fund has not taken a loan to purchase or build a house but the spouse of the member of the Fund has purchased or built a house and has taken a loan and the house has been charged as a security for the loan;
(f)
the member of the Fund or any other person approved by the Board requires medical financing;
(g)
the member of the Fund requires financing for higher learning for himself or for his child;
(ga) the muslim member of the Fund has received the letter of offer from Lembaga Tabung Haji to perform the haj and requires financing for the cost of performing the haj;
(h)
(Deleted by Act A1190);
(i)
the member of the Fund has a credit which exceeds one million ringgit in his account; and
(j)
the member of the Fund takes an insurance policy or a takaful certificate, as may be determined by the Board from an insurance or takaful company approved by the Minister subject to any terms and conditions as he thinks appropriate, for himself, or himself and any other person approved by the Board.
(k)
(Deleted by P.U. (A) 151/2022);
(l)
(Deleted by P.U. (A) 151/2022);
(m)
(Deleted by P.U. (A) 151/2022); and
(n)
(Deleted by P.U. (A) 151/2022).
(7)
Notwithstanding subsection 54(6), the Minister may, if he thinks it expedient and after consulting the Board, by order published
70 Laws of Malaysia in the Gazette, add to, vary or modify the purposes for which a member of the Fund may make a withdrawal under subsection (6).
Payment of dividend in such manner as determined by the Board