Full Guild on How to check EPF number and More
The Malaysian EPF was established in 1951 which is under KWSP, catering to the Employee Provident Fund Ordinance under the National Director of Posts.
This law became EPF Act in 1982 and with certain amendments in 1991.
This Act encourages people and the employers to invest in their retirement plans and to allow their employees to withdraw this investment after retirement or for special needs basis.
The people contributing towards KWSP EPF are increasing every year with at least 8 million active members contributing regularly into their retirement plan.
How EPF works is, they encourage employees working in the private sector to save a sum of their salary in a scheme that stretches until they plan to retire.
The sole purpose is to plan your own retirement or in special cases when the person is no longer in the condition to work anymore. There is a certain framework that must be followed in order to withdraw which basically involves legal and moral obligations towards the employees.
Steps to find the EPF number
Steps that are taken in order to apply for the EPF including the registration as a new employee, allotment of the number and making sure the contribution to the EPF in a timely manner are mostly handled by the employers.
That is why we must consider the employer an important aspect in the EPF scheme and its obligatory on them to keep the employee updated regarding their EPF account details.
In case where the employer does not inform the employee of the EPF number, then there are a few steps that can be taken by the employee to find their EPF number and other details as they prefer.
EPFO office: An employee can always visit the EPF office located in different parts of the country. At the office the employee will be asked for details such as name, ikad etc in order to receive the EPF number. It is though considered vital to carry your original IC as a proof because the information exchange is sensitive in this scenario.
UAN portal: It can be much easier to find the EPF number if the employee knows their UAN number. Through the portal, the employee can log in to the online portal and can access all the information they require.
Salary slip: It is usually printed on the salary slip that is provided by the employer to the employee. One can access this piece of receipt to find their EPF number.
How To Check EPF Balance
Before initiating any transaction towards your EPF account to use the money as a loan or for details concerning the credit card you must prepare some documents as a requirement.
These can be your MyKad, salary slip from the past recent months and the EPF details. It is advisable to have a print and copy of these documents along with original should be kept.
The personals would keep these documents and can print out the EPF statement along with the balance. This without a doubt is a very time consuming procedure.
How To Check EPF Online
To ease out this issue, the government has given online access through the KWSP website through which the employee can carry out their EPF related tasks. You can sign up through the website and open an i-Akaun. This i-Akaun can help you manage all your EPF accounts and print your statements. But in order to utilize all the facilities of online KWSP you need an activation code.
How to get EPF i-Akaun Activation Code To Check The EPF Balance?
As this is a sensitive matter of funds, the employee must call in person to KWSP on their hotline, 03-8922-6000 and speak with KWSP representative. The purpose of this procedure is to confirm your details as a security measure. Once the confirmation is done, a confirmation is received through an SMS on your mobile phone.
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Activating KWSP i-Akaun To Check EPF Balance?
Once you receive the activation code, you must login to the KWSP homepage through the credentials of your i-Akaun members portal.
You are required to activate your account first before utilizing it completely. You will be directed to a page where you can see the i-Akaun activation under the user ID icon. Next you are required to put necessary credentials along with the activation code that you received earlier on your phone.
Next you will required to complete a set of security personal and security details and confirm your username and password.
Next you are required to choose to choose a picture and a secret phase for security purposes and you are done with account activation. You are not required to go through your EPF number and other details.
How to print EPF statement from KWSP?
Once the activation is done, you can proceed to check the EPF balance. You will directed to the login page and you will required to enter your username and password, your secret phase that you selected earlier will be needed here to initiate your logged in session.
Once you are logged in to your i-Akaun homepage, on the top navigation bar you will notice ‘MyAccount’, click on this and proceed further.
Here, you can choose all your EPF statements along with the latest EPF balance. In times where you are required to present the latest details of your savings; such as applying for a banking loan or some product, you can even print your statement through this page.
How to Pay EPF Online
There are many ways and options through which an employee can pay their EPF in case when the employer is not doing it for the employee.
Facilities provided through e-Caruman, an employee and even employers can pay the EPF through internet banking service provided by FPX, you can even make a direct debit payment. e-Caruman also provides a platform through their mobile application where you can manage and pay your EPF dues in time.
How to Calculate EPF Interest
Being a contributor to the EPF scheme, you must know how the dividend is calculated. This can help you plan out your future funds properly and you can even scroll through a number of other investment schemes for your other accounts based on your choice for a better yield.
Your funds are basically divided into two types of calculations, annual compound and monthly dividend. Both of these calculations will be based on the daily rest.
In case the employee has two accounts on the KWSP portal, so in that case to calculate the dividend for both the accounts will be calculated accordingly. The formula is “Total Contribution x Dividend rate for the year x (No. Of days per year - Number of days for the month +1) / Total number of days in the year.
How to Get EPF Statement
In order to get the EPF statement, your account must be set up. You can simply login to your i-Akaun with your username and password and click on My Account and choose to view the latest EPF statement. You can click the print icon at the bottom and print your current statement.
In case the statement is going to the bank or other institutions who require the latest statement, you can access it through this page.
If there is a trouble to access the internet, you can always go to the nearest RHB, HSBC or CIMB bank or the EPF kiosk to get your EPF statement printed.
How to Withdraw Money From EPF
No doubt the savings of Employee Provident Fund (EPF) are vital to your retirement plans or there maybe a need in life when you can utilize these funds, you are liable to withdraw this amount.
Though, these are based on certain rules that maybe applied if the withdrawal requires a huge amount. If you are in planning phases of withdrawing your EPF fund before reaching the age of 50, you should follow these dimple rules.
There are two types of withdrawals, partial and full withdrawal. There are at least 17 types of situations where the withdrawals maybe accepted. These are mentioned as follow:
- The applicant must be at least the age of 50.
- In order to cover the housing loan.
- For the purpose of education.
- For certain investment schemes for KWSP members.
- For the purpose of buying a house.
- Once the savings reach RM1 million.
- Loan instalment withdrawal.
- For the purpose of health.
- Hajj pilgrimage.
- Flexible housing schemes
- PR1MA housing schemes
- Leaving the country or migrating to another country.
- Incapacitated and not able to work.
- Pensionable Employees Withdrawal And Optional Retirement Withdrawal
- Incase of death, the family or the beneficiary can withdraw.
- Age 55 and above withdrawal.
Through the online facilities provided by KWSP, with the use of i-Akaun a person can apply for withdrawal online through e-Pengeluaran.
Otherwise, you can always head to the nearest EPF office and furnish them with the required document to proceed further with your withdrawal.
You can even send them the application along with the documentation through postal but going in person seems much safer as it requires to deal with sensitive data.