My Money Matters Epf

But what about those who forgot to withdraw or transfer it to the company currently they are working for.

My money matters epf. A bernama report in today s sun2surf and other newspapers says that all contributors to the employees provident fund epf should withdraw their savings upon reaching the age of 75. Members can nominate any natural person meaning a human as a. The employees provident fund organisation abbreviated to epfo is an organisation tasked to assist the central board of trustees employees provident fund is a statutory body established by the employees provident fund and miscellaneous provisions act 1952 and is under the administrative control of the ministry of labour and employment government of india. However if an investor is approaching his retirement age he might prefer fixed returns of epf says lovaii navlakhi md and ceo international money matters.

The epf is not like a bank said the epf s head of its corporate communications unit nik affendi jaafar. Before you nominate know this. She also shared key rights and responsibilities you need to know to make wiser decisions for your future and prepare for a better retirement including withdrawals. Comparehero my spoke to puan balqais yusoff head of strategy management department in epf to help answer some of the common questions we have.

An epf or employees provident fund account contains the money that is deducted from the salary of an individual. Because both employee and employer contribute towards epf it is part of the cost. Make sure the rights of your loved ones are taken care of by nominating any individuals for your epf savings. While employees contribute 12 of the basic pay to epf the employer has to make a matching contribution divided into two parts.

Do you know the rights you have over the retirement money you save in your epf account. Get more personal finance news and business news on zee business. Epf 2019 corporate performance. 8 33 of the basic pay is directed towards eps subject to a cap of rs 15 000 and the remaining 3 67 is parked in epf.

Voluntary contribution schemes i saraan for informal workers and i suri for housewives recorded rm144 million and rm7 4 million in transactions respectively underlining the epf s. Epf falls under the.