Thursday, April 3, 2014

MALAYSIA::: EPF .......Who is your beneficiary?

PETALING JAYA: Despite heavy campaigning by Employees Provident Fund (EPF) to get more contributors to nominate a beneficiary for their savings, many have yet to do so.
EPF public relations general manager Nik Affendi Jaafar told theSun contributors needed to understand the importance of nominating a beneficiary.

"While the numbers have increased, we need all our members to nominate a beneficiary. Most people need to realise that this will ensure that their loved ones are financially protected in the event of their untimely death," he said.
"In the absence of nomination, the family of a deceased member faces a lengthy and time-consuming process when making claims to the member's savings.
Family members of a deceased member would need to produce Letter of Administration, Letter of Probate or Distribution Order from relevant authorities to substantiate their claims on the EPF savings.
The process of obtaining these documents would be time consuming and sometimes costly, as a fee is often imposed by the issuing authorities," he added.
Nik Affendi said members only need to spend a few minutes to complete the nomination form (KWSP 4).
"Member are advised to make their nomination when they are in good health and of sound mind to avoid any attempt by dishonest individuals taking advantage of members suffering physical or mental illness," he said.
He added EPF also encourages all members to update their nomination when there are changes to their lives such as marriage, divorce or the birth of a child.
EPF ran a campaign themed "Keep Your Loved Ones Secure" in both radio and print media from Nov 11 to 29 last year to increase the awareness amongst its members.
As of December last year, 3.62 million of the total 13.92 million members had made their nominations.

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