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Lack Of Awareness Among EPF Contributors Exposing Them To Fraud

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  ALOR SETAR – A lack of awareness among Employees Provident Fund (EPF) contributors in using its services is the main reason they are deceived by syndicates or fraudulent agents, resulting in losses of thousands of ringgit. Consumers Association of Kedah (CAKE) secretary Mohamad Yusrizal Yusoff said the association had received more than 40 complaints…

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PLUS Malaysia Bhd Takeover: Is Maju Holdings Too Ambitious?

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I read with intrigue on September 12 about the offer made by Maju Holdings Bhd to take over PLUS Malaysia from UEM Group and the Employees Provident Fund (EPF). According to media reports, Maju Holdings Bhd’s big boss Tan Sri Abu Sahid Mohamed was quoted as saying “I’m very, very confident of pulling it off.…

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Dream Home Through EPF’s E-Pengeluaran Facility

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KUALA TERENGGANU – The services provided by the Employees Provident Fund (EPF) for its contributors have evolved to suit current changes and expectations, among which is the e-Pengeluaran facility. “For me saving in EPF is not just for financial security in old age. When I am ready to buy a house, EPF will help facilitate…

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EPF Raise Stake In AWC

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KUALA LUMPUR- THE Employees Provident Fund’s (EPF) shareholding in AWC Bhd has breached five per cent. In a filing to Bursa Malaysia, AWC said EPF has bought additional 200,000 shares to increase its stake in AWC to 5.032 per cent. In total, EPF would have 13.28 million shares in AWC. AWC’s shares closed flat today…

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EPF Ruling To Help Settle Study Loans

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PETALING JAYA – Employees Provident Fund (EPF) contributors will be able to settle outstanding study loans from July 21 with their Account II under the Education Withdrawal Facility, regardless of the effective date of their education loan agreements. EPF deputy CEO (operations) Datuk Mohd Naim Daruwish said they arrived at the decision after taking members’…

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EPF Relaxes Acc 2 Withdrawal Terms For Education Loan Repayment

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KUALA LUMPUR – Effective July 21, more than 70,000 Employees Provident Fund (EPF) contributors can use their savings from Account 2 to settle the balance of their education loans, irrespective of their loan agreement dates. EPF deputy chief executive officer (Operations) Datuk Mohd Naim Daruwish said the enhancement to the Education Withdrawal Scheme would replace the…

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Viral Info On EPF Nomination Is Not True

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KUALA LUMPUR- The Employees Provident Fund (EPF) today refuted information which has been circulated through the Whatsapp application that EPF savings belonging to members with beneficiaries below the age of 18 upon their death would automatically be channelled to Amanah Raya berhad. In a statement issued by its Corporate Affairs Department, EPF said the information…

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EPF Members Do Not Need A Witness When Naming Beneficiaries

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KUALA LUMPUR: Starting next year, the Employees Provident Fund (EPF) will allow members to nominate beneficiaries without the need for a witness. This is to encourage the 10.6 million members who have yet to name their nominees to do so. Previously, employees could choose to have a witness present when making their nominations at EPF…

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EPF: Some Retirees Spend All Withdrawals In 30 Days

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BANGI: The Employees Provident Fund (EPF) is concerned with the spending habits of those who run out of savings too soon after retiring. Kuala Lumpur EPF branch retirement advisory service (RAS) officer Nornisah Mohd Yusof said many subscribers ran out of their EPF savings within three or five years after retiring although the life span…

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Malaysians Working Abroad Eligible To Contribute To EPF

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BANGI: Malaysians working abroad are eligible to make contributions to the Employees Provident Fund (EPF) via the 1Malaysia Retirement Savings Scheme (SP1M). Johor EPF branch Retirement Advisory Service (RAS) officer, Faizal Abu Al-Ashari said those below 55 years-old can register as EPF members to make savings until they reach retirement age. “This also refutes the…

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RM2,500 Incentive For Seniors Spread Via Whatsapp A Lie

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KUALA LUMPUR – The Employees Provident Fund (EPF) today dismissed as false, the claim spread via WhatsApp that the government has allocated an incentive of RM2,500 for senior citizens and that they should withdraw the amount from their EPF account before Dec 31, 2016. It said information on the purported incentive for those contributors aged…

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Dec 23 Last Date To Convert To EPF Shariah Scheme

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KUALA LUMPUR – Over 300,000 members have opted to switch to the Employee Provident Fund’s (EPF) new shariah-compliant savings scheme, Simpanan Shariah, since it was introduced to the public on Aug 8. According to EPF, Simpanan Shariah will go into implementation on Jan 1, 2017. “Registration to switch over to Simpanan Shariah is still open…

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Retirees Should Set Up Health Savings Accounts

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SEREMBAN – The biggest concern among the society particularly future retirees, in addition to whether they would have enough savings to sustain until their old age, is the health issue which can be costly and exceed their savings in the Employees Provident Fund (EPF). As such, the future retirees especially those without insurance policies should…

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Interior Community Need EPF Guidance On Saving

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KOTA KINABALU – Residents in the interior of Sabah need to be guided on the benefits of contributing to the Employees Provident Fund (EPF). The interior community comprises mainly of self employed farmers who only earn a small income, said Sabah Consumer Rights and Social Activist Datuk Patrick Sindu. “This is because the income they…

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EPF Fund Comes Handy In Times Of Need

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KUALA TERENGGANU – Savings through the Employees Provident Fund (EPF) have brought relief to many people, especially during difficult times. This happens to Afandi Mahadi, 49, who has no insurance coverage or savings when he suffered a stroke. “At that time, I felt the world collapsed and everything was dark, I was not able to…

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Be Alert Of Scammers, Invest Wisely, EPF Members Told

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PETALING JAYA – Professionals in the prime of their careers, educated youngsters and those nearing retirement, are being targeted by get-rich-quick scammers. Securities Commission (SC) deputy general manager Khairul Ridzwan Abdul Kudus (pix) said successful men in their 40s are vulnerable because they have the money. Youngsters, especially university students and fresh graduates, are recruited…

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EPF Launches New Account To Ease Contributors’ Retirement Woes

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KUALA LUMPUR: The Employees Provident Fund (EPF) will introduce a new Akaun Emas for members working beyond the age of 55. All new contributions received after 55 will automatically be parked under Akaun Emas (Gold Account), which can only be withdrawn when they reach the age of 60. This is to ensure members will have…

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EPF To Introduce Akaun Emas For Age 60 Withdrawals

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KUALA LUMPUR – The Employees Provident Fund (EPF) will introduce Akaun Emas for members who are still working after the age of 55, effective Jan 1, 2017. Chief Executive Officer Datuk Shahril Ridza Ridzuan said EPF’s age of full withdrawal at 55 years, however, remains unaffected. He said the Akaun Emas is part of the…

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EPF Simpanan Shariah Hits RM50.25 Bln As Of End-October

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KUALA LUMPUR – The Employees Provident Fund’s (EPF) Simpanan Shariah has registered a take-up of 50.25 per cent as of end-October, amounting to RM50.25 billion of the initial allocation of RM100 billion for the scheme. To date, the scheme, which was opened for registration on Aug 8 this year, had recorded 503,734 registrations with an…

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EPF Defends Duke Highway Buy

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Fund says valuation derived from extension of toll concession and its second phase PETALING JAYA: The Employees Provident Fund (EPF) has defended its purchase of the concessionaire for the Duta-Ulu Klang Expressway (Duke), citing several key reasons to justify the high valuations of the toll operator. The proposed RM1.13bil purchase of a 40% stake in…

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EPF Plans To Invest More In Private Equity, Property

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HONG KONG: The Employees Provident Fund is looking to diversify its investment portfolios in a bid to boost returns, according to Chief Executive Officer Datuk Shahril Ridza Ridzuan. The EPF plans to invest more in private equity, property and infrastructure, Shahril said in an interview on the sidelines of the Bloomberg Markets Most Influential Summit…

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EPF Online Platform Surges As Preferred Mode Of Transaction

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KUALA LUMPUR:  The Employees Provident Fund’s (EPF) online platform, comprising i-Akaun, EPF Kiosks and myEPF, continues to be the preferred mode of transaction. In a statement today, the EPF said its second quarter (Q2) 2016 operation performance saw the usage of i-Akaun as of June this year increase 44.26 per cent to 4.81 million from 3.33 million in Q2…

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EPF Islamic Fund Allocation Set To Boost Sukuk Mart: Says Moody’s

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KUALA LUMPUR: The Employees Provident Fund’s (EPF) explicit allocation of US$25bil to a new fund dedicated to syariah-compliant investment is set to boost the sukuk market, said Moody’s Investors Service. Its Global Head of Islamic Finance, Khalid Howladar, said the allocation, which represented 15% of the EPF’s investment, would create the largest standalone Islamic pension…

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44% Workers Not Covered By Any Scheme, Says EPF

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KUALA LUMPUR: An alarming number of Malaysian workers – well over six million who are self-employed or in the semi-formal sector – are not covered by any retirement scheme due to a lack of a comprehensive social protection system. Employees Provident Fund (EPF) deputy chief executive officer (Strategy) Tunku Alizakri Alias said 10% of the…

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EPF Registers 36,986 Members Today For Simpanan Shariah

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KUALA LUMPUR – The Employees Provident Fund’s (EPF) Simpanan Shariah has registered 36,986 members as at 5 pm today. In a statement, EPF said it signed up 41,583 members on Monday, 46,686 on Tuesday and 38,613 yesterday. “We expect the volume of registration to be high throughout this first week,” it added. EPF advised members…

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38,613 EPF Members Sign Up For Simpanan Shariah

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KUALA LUMPUR – The Employees Provident Fund’s (EPF) Simpanan Shariah has signed up 38,613 members as at 4.45pm today. In a statement today, the EPF said it signed up 41,583 members on Monday and 46,686 on Tuesday. “We expect throughout this first week, the volume of registration would continue to be high, therefore we are…

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Muslim And Non-Muslim Contributors Form A Beeline For Syariah Saving Plan

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KUALA LUMPUR: The introduction of syariah saving by the Employees Provident Fund (EPF) has received overwhelming support from its contributors. Lines were formed as early as 8am at its headquarters in Jalan Raja Laut here yesterday as well as many other EPF counters nationwide as contributors, both Muslims and non-Muslims, came to register for the…

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EPF Option Opens

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PETALING JAYA: Employees Provident Fund members who want to convert their conventional EPF savings to Simpanan Syariah can do so beginning today. The EPF’s Simpanan Syariah, which will be launched in January, is now open to all members for registration at EPF branches nationwide. EPF chief executive officer Datuk Shahril Ridza Ridzuan said that the…

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No Conventional Banking In EPF’s ‘Simpanan Shariah’ Portfolio

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KUALA LUMPUR – The Employees Provident Fund’s (EPF) fully shariah-compliant investment scheme or ‘Simpanan Shariah’ that will kick in next year will exclude conventional banking from its investment portfolio. Nevertheless, its investment strategy will still be guided by its Strategic Asset Allocation (SAA) model, with the objectives of preserving and enhancing the value of members’…

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RM100bil For EPF New Fund

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KUALA LUMPUR: The Employees Provident Fund’s (EPF) syariah-compliant investment product, called “Simpanan Syariah”, will have an initial size of RM100bil and be open for registration from Aug 8. Contributors can start registering with the pension fund to shift their savings to Simpanan Syariah and it is open to all members regardless of race, religion and…

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