10m EPF members yet to nominate beneficiaries - Invest Duit


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Monday, October 29, 2012

10m EPF members yet to nominate beneficiaries

KUALA LUMPUR: More than 10 million out of 13.35 million Employees Provident Fund (EPF) members have yet to nominate beneficiaries to their savings.

This is a cause for concern to EPF, placing it high on its agenda to get more members to nominate a beneficiary to ensure the wellbeing of their families and dependents.
EPF public relations general manager Nik Affendi Jaafar said this was to avoid complications for family members claiming the money in the event of death.
He strongly advised employees to nominate their next of kin, such as spouse or children, as beneficiaries, although members could nominate any individual.
“In the case of Muslim members, their nominees act only as an administrator (wasi), who will be responsible for the distribution of the savings in accordance with Faraid law.”
Members were also advised to update their nominations to prevent any dishonest party from trying to influence a member’s decision when he or she is facing physical or mental illness.
If there are no nominees, family members of a deceased member will endure a laborious and time-consuming process to claim his or her savings.'
  For savings of more than RM2,500 but less than RM25,000, an initial sum of RM2,500 will be paid to the next of kin, while the balance will be paid after a two-month period from the date of a member's death.
  If a member's savings exceed RM25,000, RM2,500 will first be paid to the next of kin, followed by a second payment of not more than RM17,500 within two months from a member's date of death.
  The balance  will be paid upon submitting relevant documents from the party that administers the estate, such as Amanah Raya Berhad or court or Land Office.
  "The process to obtain these documents from the relevant authorities is time consuming and certain fees will also need to be paid," EPF corporate communications manager Ahmad Fauzi Kamarudin said, adding that with records of a nomination, the process of claiming back the savings is free.
  Members should also be aware that EPF nominations supersede wills.
  Employees can nominate their beneficiaries through filling up a KWSP 4 form and submitting it to the nearest EPF branch in person.
   They can visit myEPF website at www.kwsp.gov.my or contact call centre at 03-89226000 (7.30am to 7.30pm from Monday to Friday) or submit their query online via http://enquiry.kwsp.gov.my.
    They can also go to the Kumpulan Wang Simpanan Pekerja Facebook page and Twitter (KWSPBuzz).

Read more: 10m EPF members yet to nominate beneficiaries - Top News - New Straits Times http://www.nst.com.my/top-news/10m-epf-members-yet-to-nominate-beneficiaries-1.148106##ixzz2AkJKh6ZC

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