DHR Director Marchie Lim Pin Sim (fourth from right), DHR Deputy Director We
Chin Yong (third from right), DHR Assistant Manager Najiha binti Mohd Anuar
(second from right),
Muhammad Rahimi
(fifth from right) and Head of
Mobile Team of EPF Shah Alam Khamarol Nizam bin Isa (sixth from right) with
other EPF representatives
Aimed at providing a briefing on EPF products and services to UTAR staff
members, UTAR Division of Human Resource (DHR) in collaboration with
Employees Provident Fund (EPF) jointly organised an event titled “A Day with
EPF at UTAR” on 23 November 2022 at Sungai Long Campus.
Invited to conduct the briefing was Executive Retirement Advisory Service
Officer of EPF Shah Alam Muhammad Rahimi bin Mohd Razif.
Muhammad Rahimi bin Mohd
Razif
Muhammad Rahimi said, “EPF
is a social security government-link corporation that focuses on retirement
savings. EPF is a mandatory monthly contribution by employers and employees.
The monthly contributions are split into Account 1 (70%) and Account 2
(30%). EPF is not only available for working staff, but it is also open to
all Malaysians. You can open an EPF account as young as 14 years old.”
As
he explained the account structure and EPF scheme, he said,
“The money in
Account 1 is purely for retirement, you can only take it out when you reach
55 years old. For Account 2, you can withdraw a partial or full amount
anytime between 50 to 55 years old but only once.
There are three ages to specifically remember when it comes to EPF;
they are 50, 55 and 60 years old.
Once you reach 55 years old, your Account 1 and Account 2 will
consolidate into Account 55.
You can withdraw all or
part of the savings from this account at any time. If you choose to continue
work after the age of 55, all further contributions you make will be
credited into your ‘Akaun Emas’.
They can be withdrawn only when
you reach the age of 60.”
He
then talked about the concept of basic savings, voluntary contribution and a
few case studies to provide participants a better understanding of EPF.
He
also highlighted the two schemes offered by EPF which were
i-Saraan and
i-Lindung, “The objective of
i-Saraan is to encourage the
self-employed workers with irregular income and housewives to have
retirement savings. Besides getting the dividends which everyone does, the
government also provides incentives up to 15% of contributions, limited to
RM250 a year (2018-2022). The incentive is credited to Account 1 only.”
“i-Lindung
is a new scheme from EPF that we have just launched this year. It is a form
of social protection which allows members to withdraw from Account 2 to
purchase a life policy or a critical illness policy. As long as you are a
Malaysian citizen, age below 55 years old and have sufficient balance in
Account 2, you are eligible for this i-Lindung,” said Muhammad Rahimi.
On
top of that, EPF also set up mini counters to provide EPF services to UTAR
staff and students.
Among the services
provided were the registrations of EPF member, EPF
i-Akuan,
i-Saraan scheme, i-Lindung,
optional additional contribution, voluntary contribution,
i-Saraan scheme savings and enquiries related to EPF products.
Marchie Lim (left)
presenting a token of appreciation to Muhammad Rahimi
Marchie Lim (second from
left) presenting a token of appreciation to
Khamarol (second from
right), while We (far left) and Muhammad Rahimi (far right) look on
Mini EPF counters set up
at UTAR Sungai Long Campus
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