Nominate Your EPF or KWSP Beneficiaries Now
Have YOU Nominate and Update Your EPF or KWSP Beneficiaries?
.
Do You Known Almost 77 per cent of EPF’s total 12.4 million members have NOT Nominated their Beneficiaries!
.
Do You Know Some RM3 billion remain Unclaimed from the Accountant-General’s Department because the depositors failed to name their beneficiaries before dying?
No body Feel at ease when talking about Death but it is a subject that everyone Cannot avoid at some point in life.
By nominating and updating your nomination, your family members can be assured of receiving your EPF savings without any hassle in the event of your death.
Only two thing in life that are certain: Death and Tax!
Ever Wonder How Much is RM3 Billion?
RM3,000, 000, 000.00 Unclaimed Money!
Read more about Forget to Nominate Your Beneficiaries in EPF @ KWSP and Clarifying Your EPF Beneficiary Status
Avoid further suffering for your loved ones
Nominate and update your EPF nomination today
Death is a sad part of life and it is naturally distressing for your loved ones.
By planning ahead, you can protect them from unnecessary suffering upon your passing. This is especially important if you are the breadwinner.
By nominating and updating your nomination, your family members can be assured of receiving your EPF savings without any difficulties in the event of your death.
This is what might happen if you DON’T nominate and update your nomination:
- Your loved ones would go through a difficult process at obtaining legal documents such as Letter of Administration, Letter of Probate or Distribution Order from relevant authorities to substantiate their claim before they can withdraw your EPF savings. To obtain these documents is time-consuming and there may be fees imposed by the issuing authorities. On the other hand, with nomination all these documents are not needed and the withdrawal process will be hassle-free.
- The authorities will decide who gets priority to claim your savings. This is likely to result in conflict between surviving family members. If there is a nomination, your savings will go to the intended beneficiary; and for Muslim members the nominee will act as an administrator (wasi) who will be responsible for distributing your savings according to the Faraid Law.
If you experience a life-changing event such as marriage, divorce or birth of your child, you are advised to keep your nomination updated.
Protect your loved ones from additional suffering.
Do the right thing by nominating and keeping your nomination updated.
from:www.kwsp.gov.my/index.php?ch=p2news&pg=en_p2news_highlights&ac=3000&lang=en
How to do the EPF Nomination?
Just visit the nearest EPF by filling the form KWSP 4 -Application for Nomination
Campaign to get EPF members to nominate beneficiaries
KUALA LUMPUR: The Employees Provident Fund (EPF) is launching a campaign to remind members to nominate beneficiaries for their savings.
Its general manager for public relations, Nik Affendi Jaafar, said the campaign was necessary considering that only 23 percent of the 12.4 million EPF members had nominated their beneficiaries.
“As your nomination determines who will receive your EPF savings, it can offer some financial protection to your family should death suddenly occur.
“Nomination will not only ensure speedy payment to your family, but will also help to spare your loved ones unnecessary suffering,” he said in a statement here Sunday.
He said it was also vital for members to review their nomination of EPF beneficiaries from time to time to ensure that it was up to date.
“This is especially important if you experience any major life changes, such as marriage, divorce or birth of your children,” he added.
According to Nik Affendi, without a nomination, members’ next-of-kin would be required to produce documents, such as Letter of Administration, Letter of Probate or Distribution Order, from the relevant authorities to substantiate their claims.
The process of obtaining these documents would be time consuming and sometimes costly, as a fee was often imposed by the issuing authorities, he added.
Nik Affendi said that to nominate, members would need to only fill the KWSP 4 form and submit the completed form to any EPF branches, adding that the form could be obtained at any EPF branches or downloaded from the EPF website at www.kwsp.gov.my.
In the case of Muslim members, the beneficiary named would act as an administrator (wasi) who would be responsible for distributing the savings in accordance with Faraid Law, he added.
The campaign, to be held from Nov 16 to Dec 21, involves running of advertisements through the radio and in newspapers to remind EPF members to nominate and update their EPF nomination. – Bernama
from:thestar.com.my/news/story.asp?file=/2009/11/15/nation/20091115161537&sec=nation
RM3b unclaimed from A-G Dept
KOTA BARU: Some RM3bil remain unclaimed from the Accountant-General’s Department because the depositors failed to name their beneficiaries before dying.
Deputy Finance Minister Senator Datuk Dr Awang Adek Hussin said some of the deceased depositors’ next-of-kin or their children did not even know about the money that was left behind.
“Some of the money were left in the Employees Provident Fund (EPF) or in the banks,” he told reporters after attending a briefing by state departments and agencies under the Finance Ministry yesterday. — Bernama
from:thestar.com.my/news/story.asp?file=/2009/11/9/nation/5072768&sec=nation
Related posts:
True…
The names of the nominated beneficiaries are NOT listed in the nomination acknowledgment slips issued by the EPF..
I also wonder WHY!
If other information(details like contributions and balance amount) can be accessed via i-akaun or shown in the annual statement, there NO other REASON WHY the nomination details can be so Private & Confidential in the EPF eye!
or maybe EPF system is not ready to support that
——————————-
Review EPF system to make it more user-friendly
I UNDERSTAND that the Employees’ Provident Fund (EPF) recently launched a campaign to remind members to nominate beneficiaries for their savings, which is a good thing.
However, what I do not understand is why the names of the nominated beneficiaries are not listed in the nomination acknowledgment slips issued by the EPF?
Without the actual details, how would contributors know that after submitting their nomination forms, the particulars of the beneficiaries and the intended percentages/shares to be given to the respective beneficiaries are keyed in correctly?
This is not impossible as I personally experienced an incident where the contribution of one employee was wrongly keyed into the account of another employee.
Also, unlike the annual statements issued by insurance companies to policyholders which show the details of the latest nomination, the annual EPF statement does not contain such information.
Neither can people who subscribe to the EPF i-akaun check the details of their nominations online, although they can check all other information such as the current balance and withdrawal records.
In short, as of now, there is actually no “black and white” written or printed form of any kind made available to contributors to confirm their nominations. This really leaves me wondering: what is holding the EPF back from confirming the details of nominations made even to contributors?
At the launch of the campaign, the EPF’s general manager for public relations Nik Affendi Jaafar was quoted as saying that it was vital for contributors to review their nominations of EPF beneficiaries from time to time to ensure that they were up to date.
But unfortunately, the EPF’s system does not encourage this at all. At present, the only avenue available to contributors is to personally visit an EPF office in order to check the details of their nominations.
I hope that the EPF will seriously revisit this matter, and make checking and reviewing nominations more “user-friendly” to contributors.
After all, if other information and details can be accessed via i-akaun or shown in the annual statement, what is the issue with the nomination details?
ERWIN TAN, Kuala Lumpur.
from: thestar.com.my/news/story.asp?file=/2009/11/25/focus/5176423&sec=focus
EPF nomination rules
———————————
THE Employees’ Provident Fund (EPF) refers to the letter by Erwin Tan regarding members’ nomination details, and would like to thank him for the feedback.
EPF members who submit their nomination forms at any EPF branch will immediately obtain an acknowledgement notice confirming the registration of their nominees. This has been the practice since 2007 as part of our Business Process Reengineering Exercise.
At the point of application, members can choose either an acknowledgement notice which includes details of nominees and percentage share of the savings bequeathed to each nominee if there is more than one nominee, or merely a notice without details of the nomination. The latter option is for the benefit of members who prefer not to have nominees’ details on the acknowledgement notice for the sake of confidentiality.
For members’ convenience, they may also submit their nomination form via mail by posting the complete nomination form, Form KWSP 4 (AHL), together with a copy of their myKad to the EPF. The acknowledgement notice will be sent to the members via mail, with or without details of their nomination according to their wishes.
With regard to having nominees’ details on members’ account statements, feedback received from our members has indicated that many perceive their nomination to be an emotive and sensitive matter which demands confidentiality, akin to a will.
As there are many statements that go undelivered on an annual basis due to members not updating their addresses, we run the risk of having nomination details falling into the wrong hands if nominees’ details are included on account statements.
As an alternative, we are already in the process of making members’ nomination details available through the i-Akaun, which is a personalised online account for EPF members accessed via myEPF website. The facility is scheduled to be available within a year.
The EPF is committed to continuously improving our services, and any feedback from members is much appreciated.
NIK AFFENDI JAAFAR,
General manager,
Public Relations,
Employees’ Provident Fund.
from:thestar.com.my/news/story.asp?file=/2009/12/4/focus/5235326&sec=focus
EPF ruling a surprise for foreigner
—————————————-
I AM a foreigner married to a Malaysian and have been working in the country for the past five years. Like many others foreigners in this country, I also contribute to the EPF.
Lately, I have been hearing how important it is to have a beneficiary for one’s EPF account, so I went to the EPF office to nominate my husband as my beneficiary.
To my surprise, the officer told me that it was not possible for a foreigner to do so.
Since it did not make any sense, I argued to have a beneficiary’s name input in the system.
The system accepted the officer’s entry with my fingerprints, etc. However, his supervisor later approached me to tell me that a foreigner cannot name a beneficiary.
I was told that if something happens to me, my family members could come with a court order to claim the money.
I am quite surprised to see this happening in Malaysia. We are promoting the Malaysia My Second Home programme all over the world but we have failed to address this simple procedure.
UNHAPPY WIFE,
Kuala Lumpur.
fr:thestar.com.my/news/story.asp?file=/2010/1/14/focus/5257486&sec=focus
EPF clarifies ruling on nomination
—–
THE Employees Provident Fund refers to the letter “EPF ruling a surprise for foreigner” (The Star, Jan 14) regarding nomination for foreign EPF members and would like to thank her for her feedback.
For public information, foreigners who are employed in Malaysia are permitted to contribute to the EPF but their contribution is made entirely on a voluntary basis, unlike Malaysians who are required by law to contribute.
While foreign EPF contributors may enjoy the same dividend rate as other EPF members and are eligible to withdraw under “Leaving the Country, Death and Incapacitation Withdrawals”, they are not eligible to make nominations except those who contributed before Aug 1, 1998, and have obtained Permanent Residence status. The rationale behind this underlies the many difficulties faced by the EPF in contacting, locating, verifying and disbursing payment to the nominated beneficiary should the foreign member dies and the beneficiary lives outside Malaysia.
Therefore, although in the writer’s case she is married to a Malaysian and would like to nominate him as the beneficiary for her EPF savings, we regret that she is not eligible to do so as stipulated by the EPF Act.
However, considering the relevance of the situation, the EPF will look further into this matter and review the existing rule for the benefit of its foreign members.
As a customer-focused organisation, the EPF is committed to continuously improving our service and any feedback from our members is truly appreciated.
NIK AFFENDI JAAFAR,
General Manager,
Public Relations,
Employees Provident Fund.
fr:thestar.com.my/news/story.asp?file=/2010/1/21/focus/5501656&sec=focus
EPF stands to gain from ruling review
I REFER to the letter “EPF clarifies ruling on nomination” (The Star, Jan 21) in which Nik Affendi Jaafar of the Employees Provident Fund stated that the EPF does not allow foreigners to make nominations.
I would like to suggest that foreigners be allowed to appoint a nominee with the condition that the onus of proof lies with the nominee when the time comes to make a claim.
In other words, the nominee or claimant has to prove his or her identity in making a claim to the EPF instead of the EPF having to locate and identify the nominee should he be overseas.
As it is optional for foreigners to contribute to the EPF, allowing them to appoint a nominee will further encourage them to do so and, in turn, provide the EPF with more funds.
As the EPF is open to a review of its ruling on nomination, perhaps this will assist those involved to look at the situation from an alternative angle.
K KARUNAMOORTHY,
Kuala Lumpur. fr:thestar.com.my/news/story.asp?file=/2010/1/22/focus/5519196&sec=focus
EPF Nomination Campaign Increases Awareness
More Than 66,000 Members Nominated Beneficiaries for EPF Savings During 45-day Campaign
A total of 66,016 Employees Provident Fund (EPF) members heeded the call for action to nominate their beneficiaries for their EPF savings during the 45-day nomination campaign which began on 16 November 2009.
This brings the number of members who have nominated to 3.16 million members as of 31 December 2009.
In a statement issued today, EPF General Manager for Public Relations Nik Affendi Jaafar said, “We are encouraged by the success of the campaign to raise awareness among EPF members on the importance of naming beneficiaries to their EPF savings as reflected in the uptrend in the number of nomination applications received during the campaign period.
“We hope the awareness will continue even after the end of the campaign.”
A total of 46,472 nominations were made in December 2009. This represented an increase of 121 per cent compared to the number of nominations made on an average month in 2009.
In the first week of the campaign, the number of applications received more than doubled to 8,438 from 3,885 applications received in the previous week.
The campaign involved the EPF running an advertising campaign from 16 November to the end of December 2009 through radio and newspapers to remind members to nominate and update their EPF nomination. Promotions were also carried out through EPF service counters and EPF Call Centre.
“The campaign has reiterated the importance for members to nominate the beneficiaries of their EPF savings as this is simply the way to ensure your loved ones are spared from any unnecessary suffering when withdrawing your EPF savings upon your passing,” Nik Affendi said.
By nominating, member’s savings will be distributed to the beneficiary named without any hassle. For Muslims members, the beneficiary named will act as an administrator (wasi) who will be responsible for distributing the savings in accordance with the Faraid Law.
“Members who have made their nominations in the past must also review it to ensure that the nomination remains relevant. This is especially important if members experience any life changes such as marriage, divorce, birth of your children or death of your nominee during your lifetime,” Nik Affendi said.
To nominate or update your nomination, members merely need to fill up a KWSP 4 Form and submit it to the nearest EPF branch. The form can be obtained at any EPF branches or downloaded from this website.
For more information, EPF members may refer to the FAQ section of myEPF, call EPF Call Centre at 03 - 89226000 or visit the nearest EPF branch.
About the Employees Provident Fund (EPF)
The Employees Provident Fund (EPF) is Malaysia’s premier pension fund, providing basic financial security for retirement. The Fund is committed to preserving and growing the savings of its members in accordance with best practices in investment and corporate governance. It will always be guided by prudence in its investment decisions.
As a customer-focused organization, the EPF delivers efficient and reliable services for the convenience of its members and registered employers.
The EPF continues to play a catalytic role in the nation’s economic growth, consistent with its position as a leading savings institution in Malaysia.
fr:kwsp.gov.my/index.php?ch=p2news&pg=en_p2news_press&ac=3064