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June 5—Malaysia's Employees Provident Fund reported May 25 that member use of its online i-Akaun system, which allows 24-hour access to account information, grew by more than 100 percent in the year ending March 31, 2015.
Both employees and employers can use the platform, available on the EPF website or through mobile applications, employees to request a withdrawal form and check its status; estimate the eligible amount for withdrawals, savings and investments; update their profiles; and check their current EPF transactions. Employers can use the system to make required contributions, check employee EPF numbers and register new members.
During the first quarter of 2015, 2,907,576 members logged onto the site, more than double the 1,434,770 members who accessed the site during the comparable period in 2014. The number of members accessing their personal information through the myEPF mobile app rose 38.72 percent first quarter 2014 to first quarter 2015 to 4,253,173.
“The significant increase in i-Akaun usage shows that more members are aware of the importance of monitoring their EPF savings and contributions from their employers,” EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan was quoted in the EPF posting. “This is important as they can also ensure that their employers contribute on their behalf accurately and on time.”
To contact the reporter on this story: Michael Mackey in Bangkok at correspondents@BNA.com
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The EPF posting is available in English at http://www.kwsp.gov.my/portal/en/home?p_p_id=newsdisplay_WAR_newshighlightsportlet&p_p_lifecycle=0&p_p_state=exclusive&p_p_mode=view&p_p_col_id=column-4&p_p_col_count=1&_newsdisplay_WAR_newshighlightsportlet_jspPage=%2Fdisplay%2Fnews_content.jsp&_newsdisplay_WAR_newshighlightsportlet_primaryKey=14201.
For more information on Malaysian HR law and regulation, see the Malaysia primer.
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