Two new EPF features

It’s been reported today that the Employees Provident Fund (EPF) is introducing two new features for account holders: Topping Up and Matrimonial Claims.

The Topping Up plan allows children to top up the savings of their parents and spouses to top up for one another. This can be done at any time until the member whose account is being topped up reaches the age of 55. To top up a member’s account, the children or spouses need not be EPF members.

Cash or cheques are accepted for topping up an EPF member’s Account One at the service counters of all major EPF offices. There is no limit to the maximum amount but a minimum of RM50 is required.

The Matrimonial Claims will enable the EPF to comply with court orders regarding claims of matrimonial assets on EPF savings in the event of a divorce. However, this change is applicable to non-Muslims only as the National Islamic Fatwa Council does not deem EPF savings as a joint matrimonial asset but an individual’s estate.

When a claimant submits the application together with the court order, a special account will be opened under the claimant’s name. Any amount transferred to the claimant’s account from the members account will be paid together with the dividends when the claimant reaches 55.