PETALING JAYA: Are there any 100-year-old contributors of the Employees Provident Fund (EPF) out there?
The answer is yes! The EPF recently posted a general notice including in The Star classified ads seeking to contact people who are 100 years old and above who have not claimed their EPF savings.
The fund said members and their beneficiaries can check the unclaimed balance using their identity card or membership number.
The notice also states that if claims are not made before Dec 31, the money will be transferred to the Unclaimed Money Management (BWTD), which is under the Finance Ministry.
When contacted, EPF said the recent notice in several newspapers was a periodic exercise to ensure that members’ interests were protected, and for the funds to be managed by the members themselves or their beneficiaries.
“The EPF wishes to clarify that members are allowed to make contributions until age 75, and may keep their savings in the EPF until age 100.
“During that period, members are still eligible to receive dividends on their savings until the savings are transferred to the BWTD under the Accountant General’s Department of Malaysia, in accordance with Section 51A of the EPF Act 1991.
“As such, members or their next of kin or beneficiaries are advised to contact EPF and withdraw all savings. This is because once the transfer is made, any further claims must be made through BWTD,” it said.
When asked for the number of centenarians it was looking at for their unclaimed savings, EPF said it would not be revealed at this point.
It urged members or their next of kin/beneficiaries to check unclaimed EPF savings through its website at the link https://secure.kwsp.gov.my/employer/unclaimedcontribution?0&lang=ms.
“If the name is listed, the member or their next of kin/beneficiary should go to the nearest EPF branch to apply for a withdrawal, subject to terms and conditions,” it added.
In June, the Dewan Rakyat was told that as of May 31, the balance of unclaimed money was RM11.5bil. The amount of reclaimed money as of that date was RM3.4bil.
The Finance Ministry said the number of applications received by the Registrar of Unclaimed Monies doubled in the first five months of 2023 compared to the same period last year.
Submissions registered for the first five months of this year totalled RM1.3bil, an 18% jump compared to the same period last year.
The rise in claims was due to enforcement operations to ensure companies nationwide comply with the Unclaimed Monies Act 1965.