As an employer, one of your roles includes submitting EPF contributions on behalf of any individual you've employed to work under a contract of service or apprenticeship. You should ensure that the monthly contributions subtracted from your workers' wages are accurate and transferred to EPF punctually.

Also known as Kumpulan Wang Simpanan Pekerja (KWSP), the Employees’ Provident Fund (EPF) is one of the world’s oldest and largest retirement savings funds, with 7.63 million active members and 522,967 employers as of December 2019. It serves as a social security organization that primarily helps private sector employees save a fraction of their earnings, which can be used as retirement funds in the future. 

Malaysians will require at least RM600,000 to retire comfortably in major cities, according to the Employees Provident Fund (EPF).

The government is considering developing foreign workers' savings programme modelled after the Employers Provident Fund (EPF), which it thinks would alleviate several other issues.

Starting April 1, EPF members who want to withdraw their savings under the latest withdrawal facility can do so via a special portal. They can also apply via the i-Akaun mobile app.

The Malaysian Employers Federation stated that the EPF should not implement any more withdrawal schemes from its savings before its members reach their retirement age of 60 to ensure they have enough savings. 

Themed "Keluarga Malaysia, Makmur Sejahtera", Budget 2022 has a total allocation of RM332.1bil, the largest ever for Malaysia. These are the highlights:

The Maybank2u Biz app allows SMEs to check real-time account balance, make bill payments, payroll, bulk payments, and statutory body payments such as income tax, SOCSO and EIS.