Employees Provident Fund Act 1991 · Updated to 1 Jul 2022 · Part VI · Withdrawal of Contributions
Section 58B
Feedback & supportThe Board may authorize an application of a member of the Fund to utilize any amount standing to the credit of such member of the Fund for the purpose of taking up an insurance policy as may be determined by the Board from an insurance company approved by the Minister subject to any terms and conditions as the Board thinks appropriate.
Board
“Board” means the Employees Provident Fund Board established under section 3;
Where the Board has authorized the application of a member of the Fund under subsection (1), no dividend may be declared by the Board under section 27 shall be paid on the amount transferred to the insurance company.
member of the Fund
“member of the Fund” means a person who has an account and credit with the Fund;
This section shall not apply to a member of the Fund who is a pensionable employee and an employee who is not a Malaysian citizen.
pensionable employee
“pensionable employee” means an employee who has been emplaced in the appropriate pensionable establishment or is deemed to have been so emplaced under any written law affecting the emplacement of employees in the appropriate pensionable establishment by the Government of Malaysia or of any State or by any statutory or local authority;