EPF Introduces Faster Access, Monthly Activation For Simpanan Shariah
KUALA LUMPUR, Jan 10 (Bernama) -- The Employees Provident Fund (EPF) has introduced two key features for its Simpanan Shariah that will provide faster access and flexibility for members effective April 1, 2025.
In a statement, EPF said these enhancements enable immediate registration to Simpanan Shariah for new members and monthly effective dates for all members opting in.
“With the new registration feature, new EPF members can now select Simpanan Shariah as their preferred account type during self-registration,” it said.
Previously, changes to Simpanan Shariah took effect only on Jan 1 of the following year.
Under this enhancement, the effective date will now be the first day of the following month, subject to a seven-day grace period, allowing members to transition to Shariah compliance more quickly.
“This update minimises waiting periods from yearly to monthly, ensuring members’ investments are Shariah-compliant from early on.
“This enhancement provides members with greater control and flexibility, making it easier to manage their retirement savings in line with their financial and Shariah-compliant savings option preferences,” it said.
EPF said it will roll out these enhancements based on the transition period, from Dec 25, 2024, to March 31, 2025, to ensure that the initiative runs smoothly.
During this time, the effective date of Simpanan Shariah for members opting in before Dec 25, 2024, will be on Jan 1, 2025.
For those who opt-in between Dec 25, 2024, and March 24, 2025, the effective date will be on April 1, 2025, while the transition date for those who opt-in between March 25 and March 31, 2025, will be on May 1, 2025.
Meanwhile, the effective date for members who opt-in from April 1, 2025 onwards will be the first of the month following their opt-in date, subject to a seven-day grace period.
“For example, for members who opt-in on April 15, 2025, the effective date will be May 1, 2025.
“If members opt-in on April 25, 2025, the effective date will be June 1, 2025, instead of May 1, 2025, taking into account the seven-day grace period,” EPF added.
-- BERNAMA