Malayan Banking Bhd (Maybank) has sealed an agreement with the Employees Provident Fund (EPF) for the bank's customers, whether individuals or companies, to make their EPF contributions through its Internet banking websites, Maybank2u.com and Maybank2e.net.
Maybank president and CEO Datuk Amirsham A. Aziz said: Paying EPF contributions via these channels saves time and is cost efficient, as it eliminates the problems associated with manual pay-in, such as queuing, handling of cash or cheque issuance as well as other back-end processing costs.
Our customers can make use of the Internet banking service 24 hours a day, seven days a week, anytime and anywhere, Amirsham said at the agreement signing and the launch of Maybank2e.net, an Internet financial portal for companies, in Kuala Lumpur yesterday.
With Maybank2e.net, Amirsham said, more than 75,000 employers could immediately make their EPF contributions online.
Maybank2u.com, a financial portal for retail customers that was launched in 2000, currently handles 1.7million transactions valued at RM80mil monthly and has a subscriber base of 750,000.
Maybank invests more than RM200mil annually in information technology to enhance efficiency.
EPF CEO Datuk Azlan Zainol said online payment of EPF contributions not only saves time but also helps reduce the number of errant employers, which presently totals 14,800 or about 4.39% of the 338,900 registered employers.
According to him, 80 errant directors has had their passports withheld by the EPF. With such a measure, the EPF has managed to secure RM1mil in arrears.