Did you know that an employer could get jailed for 3 years if they failed to register the new employee with EPF within 7 days?

Any working Malaysian is familiar with the Employee Provident Fund (EPF), which was established in 1951 to build Malaysia's workforce's retirement savings. EPF is, in fact, one of the world's oldest provident funds.

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

In a survey on retirement conducted by Sun Life Malaysia, 4% of respondents admitted that their Employees Provident Fund (EPF) savings had run out of money to withdraw.

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

According to Deputy Finance Minister I Datuk Mohd Shahar Abdullah, the level of savings among Employees Provident Fund (EPF) members is extremely low and cause for concern,

EPF has launched the i-Lindung service as part of the Members Protection Plan to make it easier to purchase insurance and takaful products, including life and critical illness protection.

EPF will launch an alternative savings option according to environmental, social and governance (ESG) factors, providing members with the choice of managing their savings based on their personal values.

EPF members who have wiped out their Account 2 after the special withdrawals must wait longer before they can withdraw their savings to use for medical expenses, housing or studies.

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.