In EPF we put our trust

IF ever there are awards for government departments for the most trustworthy, most efficient and most friendly, my vote for all three will go to... drum roll, please... the Employees’ Provident Fund.

I am among EPF’s 15 million or so members. I joined in 1977 when I started my journey as a working adult. I am no longer an active member as I retired in 2019. But EPF remains the most important keeper of my funds, which were accumulated over nearly 35 years of my working life.

Yet, before I hit 50, I rarely bothered with it as the money there was locked in and untouchable except for withdrawals to pay for education, housing and medical expenses.

And fortunately so because if not for the enforced savings collected by EPF on my behalf, I would be in dire straits in my twilight years. I do have a few investments elsewhere, but they are nowhere near the returns I get from EPF.

We are now at that time of the year when we eagerly await EPF’s announcement on its dividend rate for 2021. As reported, based on past records, the announcement could be as early as end February or by mid-March.

According to economists quoted in The Star’s Jan 27 report, we can hope for a higher dividend payout, possibly as high as 6%.

If the experts are right, then it shows that even with the huge premature withdrawals to relieve hardships brought about by the Covid-19 pandemic, totalling RM101bil, EPF’s management remains thoroughly dependable and professional in handling the trillion ringgit fund.

There were several occasions when I worried about the safety of my hard-earned money in EPF when politics came into play. This was especially so during the Naijb era when speculation abounded that his administration would resort to taking money from EPF to cover the debts incurred in the 1MDB scandal.

Friends advised me to withdraw everything and put the money in fixed deposits. I was tempted but decided against it. In time, the worries proved unfounded.

EPF has had its share of controversies but none, as far as I know, emanated from internal mismanagement, malpractices and corruption allegations like those plaguing Tabung Haji. The latter is under a Royal Commission of Inquiry (RCI) to investigate its management and operational issues from 2014 to 2020.

Of course, not all is well for many EPF members. That RM101bil worth of withdrawals have dangerous consequences. It has left 6.1 million members with less than RM10,000 in their accounts. Out of that number, 3.6 million members have less than RM1,000.

It didn’t help when politicians like Datuk Seri Najib Razak tried to make themselves champions of the people by proposing that the EPF release even more funds to help victims of the recent devastating floods.

Undoubtedly, many people are in desperate need of money to just survive the present. I do feel sorry for such fellow members. They may say it’s their money and they want it now, but what will happen when retirement looms and they are nowhere near EPF’s recommended RM240,000 savings, the bare minimum to support them?

Having said that, I am deeply grateful I could withdraw some funds from my EPF account last year to tide over a difficult period. I have made withdrawals in previous years for various reasons, and every time it was a breeze to do so.

I like how once I register for online access, I can check my account and make withdrawals up to RM30,000 from my home computer. And the amounts are credited into my bank account in a matter of days.

But if I have to visit the EPF branch closest to my house in Petaling Jaya, I do so without any dread, unlike most other government agencies.

I can honestly say I have never had a bad experience at EPF. The premises are pleasant, spacious and well laid out. Waiting time is quite short and all the counter staff I have dealt with have been polite, efficient and professional.

I hadn’t checked my account online for over half a year but three weeks ago, I decided to log in and had a fright: the figures didn’t seem right. What was in my account did not seem to tally with my withdrawal history.

Was my account hacked somehow? I immediately called the EPF contact management centre. In less than a minute, I had an officer on the line who spoke to me in English and listened to my panicky request to check if there was something amiss with my account.

The officer did so and said there was no indication of any suspicious activity. I wasn’t convinced and I wanted him to explain what I perceived to be a discrepancy.

He explained that he could not show me over the phone how the figures were derived and advised me to visit the Petaling Jaya branch. He said I could do so without having to book an appointment online.

So off I went to PJX-HM Shah Tower the next day.

After the usual process of checking in with the MySejahtera app at the entrance, the guard politely asked what my business was before allowing me in.

I went up to the information counter that was manned by two staff. One was talking to the person ahead of me while the other was looking at them.

I thought I would have to wait for them to finish but the moment the second chap, whom I could tell was very young even with his face mask on, looked up and saw me, he immediately asked what I needed.

I said I wanted to check my account. As I am a retiree, I was supposed to be directed to a certain counter, but the officer was not at his desk. Instead of making me wait, the young man went to ask another officer if he could attend to me.

He agreed and after I sat down, I launched into concern. The officer, whose name I regretfully cannot recall, looked up my account and then printed out the statements to clearly and patiently explain how the figures were derived.

And with that, my fears vanished. My money was intact. The entire encounter was done in a most cordial manner. I thanked the officer and as I walked past the information counter, I also thanked the young man, and he wished me a Happy Chinese New Year.

To me, it is crystal clear that EPF is what it is today because of the excellent and principled leadership it has had over the years.

The fund, set up in 1951 to help Malaysians save up for their retirement years, is the nation’s oldest and yet for 71 years it has managed to stay untainted by scandal and mismanagement.

I think EPF has been very fortunate – and therefore we members too – to have had great CEOs like Tan Sri Shahril Ridza Ridzuan, his successor Tunku Alizakri Alias and the current boss Datuk Seri Amir Hamzah Azizan who, backed by a strong board and investment panel, understood EPF’s purpose, invested wisely and protected the people’s savings. May it stay that way for another 70 years.

To them and the dedicated staff of EPF, this long-time member salutes and thanks you from the bottom of her heart. She hopes to hear good news very soon.

The views expressed here are the writer’s own.