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Chapter 2.5: Employees Provident Fund Act (EPF)1991 - Coggle Diagram
Chapter 2.5: Employees Provident Fund Act (EPF)1991
Overview
social security institution
retirement benefits through management of their savings
employers to meet their statutory and moral obligations
The Members
Private and Non-Pensionable Public Sector
active employers is 493,229
September 2017, has a total of 13.72 million members
Contributions
credited to members' individual accounts in the EPF
based on the monthly wages
made up of the employees and employer's share
Contributions Can be Paid by
Cash
Postal order
Cheque
Internet banking
Electronic fund transfer (EFT)
Bank draft
Any other channel approved by the EPF
Dividends
EPF ensures that your savings are secure and receive reasonable dividends.
Employee account at the EPF
reached age 55
Akaun 55
Withdrawal at age of 60
Akaun Emas
Withdrawal at age of 55
70% for Account 1
withdrawn when
retirement at age of 55
30% for Account 2
withdrawn for advance purchase of the first house; financing education and medical fees