As soon as you determine that you’re eligible for EPF investment, your next step should be to work with professionals who can help you make the most of that choice. Eligibility requirements are easy to understand. If you’re age 54 or younger and have a minimum of RM55,000 in your EPF Account 1, 20% of the savings in that account (exceeding RM50,000) are eligible for investment in the program.
For those who haven’t used this program to plan their retirement finances, EPF stands for Employee Provident Fund. This is a savings scheme in Malaysia designed to give members retirement security and allows members to utilise a portion of their savings for house ownership and other benefits. You can learn more about the details of this important plan when you visit the website of a planning provider.
When you talk with a member of the staff, be sure to make sure that you understand how this account can be managed and transferred even when you change jobs. It’s important for you and your employer to fully understand the guidelines before applying for a transfer but the process is easy and safe. Generally, you must declare your intention to invest in EPF when you become an employee of an organisation and haven’t used this scheme before. If you had an EPF account at a previous place of work, you should apply to get details from the older account and to have the balance moved to your new account.
This fund can be created to provide a measure of financial security and stability for employees through contributions made on a regular basis. EPF investment is an important method of investing for necessities in your future with tax-free interest, a comfortable maturity, and good money growth. You can use this account to make sure that you have funds during emergencies and to avoid borrowing funds in the future.
Accumulation plus interest provides funds at retirement, when you resign from your position, or upon your death. Partial withdrawals may be allowed for specific purposes (house construction, marriage, illness, or costs of higher education). The EPF scheme in Malaysia is a federal statutory plan within the Ministry of Finance. The basic goal is to manage compulsory savings plans and retirement planning for workers in the private sector.
It is voluntary for non-Malaysian citizens working in the country. It’s convenient to get started towards your retirement security when you work with one of the leading online financial services providers. An experienced member of the staff will be available to guide you through the process and explain how the EPF program can benefit you.