EPF news: Working and Earning but not an EPF member? Why?
When we do not have an EPF account, chances are we will spend all the money we earn which could have been part of the EPF savings for our perusal post-retirement. If we do not have an EPF account, then we also lose the employers’ portion of the EPF contribution. This is a big amount because it’s higher than employee’s portion. Thus, it’s double whammy for any worker who is working but is somehow not an EPF member.
Article in theborneopost.com Employees Provident Fund (EPF) regional director, Mohd Fadil Sarehan, said, “Of the 2.3 million workforce in Sabah, 60 percent or 1.3 million have not registered as EPF members, which also poses a risk of them having no retirement savings.
“Our focus now is to create awareness on saving for their retirement and they should do it through EPF as it is safe,” he said at a media engagment here on Wednesday.
EPF, Mohd Fadil said, is focusing on three target groups to help increase the number of members who are employed in the informal sector.
Mohd Fadil also pointed out the role of state elected representatives in encouraging their constituents to save in EPF and he has come across some who have done so.
According to Mohd Fadil, the EPF in Sabah recorded an increase of 13 per cent membership, which is 106,082, from January 2020 to June this year.
The increase brought the total number of EPF members in Sabah to 958,197 as of June this year. Do read the article in full here: Article in theborneopost.com
Dear Sabahans, here are the dividends from the EPF for the past few years
Briefly, these rates show that anyone without an EPF account will lose even more because if anyone were to have their EPF funds, the below dividend returns also meant that the savings will double every 12 – 14 years. This is significant because one day our salary will stop and we will need to start relying on all the savings we have accumulated over the 30 years of working life.
How does one register as an EPF member?
What is KWSP i-Akaun?
KWSP i-Akaun is an online platform for EPF members to effortlessly monitor and save for their retirement savings. With i-Akaun, you can easily track your contributions, apply for withdrawals, access your EPF saving statements, and perform a variety of essential tasks offered in the app.
How can I activate my i-Akaun?
Once you have successfully registered and opened your EPF account in the app, you’ll proceed to activate your i-Akaun.
Step 1: Key-in your user ID, Password, Secret Phrase and choose your Secure Image.
Step 2: Tap ‘Agree’ to the terms and conditions, and you’re ready to go.
Do refer here for more details if necessary. kwsp.gov.my
Happy saving and earning dividends you deserve.
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