The Social Security Fund (FSS) says that it has received more than 50,000 applications for the withdrawal of funds from provident fund individual accounts as of October 20.
From this amount, 21,474 applications were approved. These applications were submitted by three categories of people: elderly residents aged 75 or older, individuals receiving disability pension from the FSS for more than one year, and those currently receiving special disability subsidies from the Social Welfare Bureau. According to the FSS, the funds were transferred to these peoples’ bank accounts yesterday, accompanied by a mail or mobile text message notification.
Elderly residents aged between 65 and 74 who have already submitted the applications in the second phase and have received approval from the FSS, will receive the funds on November 23 at the earliest.
Under the relevant law, the provident fund individual account owners eligible for withdrawal of funds can withdraw funds from their individual accounts only once a year.
A statement from the FSS noted that several applications made to the provident fund were incorrectly completed or still require additional documents. In the case of these applications, the FSS will process the requests as soon as all of the required documents are provided.
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