The Employee’s Provident Fund (EPF) or KWSP has launched a campaign to encourage the members to check their EPF account statement every now and then.
The move is necessary to ensure that all transactions are in order and that your employer has not been violating the law by ignoring the EPF contribution as well as not making the deduction on time.
For employees working in the private sector and those working under non-pensionable scheme, EPF is a statutory compulsory contribution, and the employer shoulders the obligation to process the monthly deduction.
The EPF statement can be obtained in the nearest EPF office, either from the counter or the smart EPF kiosks which are placed in most EPF branches and a selection of major bank branches such as CIMB and Ambank. The smart kiosks, which is a self-service machine, provides a faster, and a more convenient method of checking. Transacting with the kiosk only requires the user to bring along his or her identity card (IC), and the biometric security system that requires electronic thumb print identification also provides a safe dealing passage.
However, the most convenient way comes in the form of i-Account, where the EPF members can easily access their EPF account and review their yearly or current statement online, at the comfort of their home. Through the statement, important information such as transaction history, withdrawal qualification status, activity log, personal details and so on. The EPF account is divided into 2, namely Account 1 and Account 2, where Account 1 holds 70% of the total amount, whereas Account 2, which carries 30%, is the account that can be used concurrently for withdrawal and making down payment for your house, education and so on.