SIBU – Borhaniza Ali Basah, 29, regards his contribution to the Employees Provident Fund (EPF) as very important because it ensures that there will be sufficient savings to support him and his family in their old age.
Borhaniza, who married Nurzilla Mohamad, 29, on Nov 26 said part of the savings could also be used as the down payment for their dream house.
Borhaniza, who believes that “we can only plan, but God decides the best for man” and “life and death are in His hands”, recognises the importance of declaring in writing the nominee for his EPF savings.
A nomination is a written declaration to appoint a person as administrator or ‘wasi’ (for Muslims) who acts as the distributor of the deceased contributor’s savings to the entitled beneficiaries.
Admitting that he still did not have the chance to make the nomination, Borhaniza, however, said he was aware of and understood the procedure to be adhered to.
“The nomination process is not difficult. At the moment, we still don’t have children to be named as nominees but I would like to make my closest heirs, such as my father, mother or siblings aged over 18, as the wasi,” he told Bernama.
Borhaniza was confident that his heirs would uphold the trust, as emphasised in the New Nomination Policy effective Jan 1, 2017, which stated the role and responsibility of the nominee as administrator/wasi of his savings and not as the absolute owner of the savings.
He said the appointment of the wasi for Muslim contributors was in accordance with the provisions of ‘Hukum Syarak’ (Islamic law).
“If they die, I have to cancel their nomination by submitting the Notice of Revocation of Nomination (KWSP 4A) and make a new nomination,” he added.
Florence Genta, 30, who is unmarried, said she named her sister last year as the nominee for her EPF savings.
She said her sister would be the sole owner or beneficiary (for non-Muslim contributors) of her savings as she herself was unmarried and had no other heirs.
“Even after I get married, I will keep my sister as the nominee but If I have children, I will make a new nomination,” she said, adding that she was also aware of the procedure.
She said that declaring a nominee or nominees was not difficult and the EPF Sibu branch office was always ready to extend assistance to contributors. – BERNAMA