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Sunday, November 15, 2009

Note to EPF members

Have you named your informed EPF about who to get your savings just in case something happens?

Campaign to get EPF members to nominate beneficiaries

KUALA LUMPUR: The Employees Provident Fund (EPF) is launching a campaign to remind members to nominate beneficiaries for their savings.

Its general manager for public relations, Nik Affendi Jaafar, said the campaign was necessary considering that only 23 percent of the 12.4 million EPF members had nominated their beneficiaries.

"As your nomination determines who will receive your EPF savings, it can offer some financial protection to your family should death suddenly occur.

"Nomination will not only ensure speedy payment to your family, but will also help to spare your loved ones unnecessary suffering," he said in a statement here Sunday.

He said it was also vital for members to review their nomination of EPF beneficiaries from time to time to ensure that it was up to date.

"This is especially important if you experience any major life changes, such as marriage, divorce or birth of your children," he added.

According to Nik Affendi, without a nomination, members' next-of-kin would be required to produce documents, such as Letter of Administration, Letter of Probate or Distribution Order, from the relevant authorities to substantiate their claims.

The process of obtaining these documents would be time consuming and sometimes costly, as a fee was often imposed by the issuing authorities, he added.

Nik Affendi said that to nominate, members would need to only fill the KWSP 4 form and submit the completed form to any EPF branches, adding that the form could be obtained at any EPF branches or downloaded from the EPF website at www.kwsp.gov.my.

In the case of Muslim members, the beneficiary named would act as an administrator (wasi) who would be responsible for distributing the savings in accordance with Faraid Law, he added.

The campaign, to be held from Nov 16 to Dec 21, involves running of advertisements through the radio and in newspapers to remind EPF members to nominate and update their EPF nomination. - Bernama

http://thestar.com.my/news/story.asp?file=/2009/11/15/nation/20091115161537&sec=nation

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