Greater flexibility for Simpanan Shariah holders from April 1, says EPF

KUALA LUMPUR: There will be faster access and more flexibility for the Employees Provident Fund’s (EPF) Simpanan Shariah account holders from April 1.

EPF said in a statement on Friday (Jan 10) that the enhancements include monthly activation for its members who opt in for Simpanan Shariah, instead of yearly as before.

“These enhancements enable immediate registration to Simpanan Shariah for new members and a monthly effective date for all those who opt in.

“We will roll out these enhancements based on the transition period from Dec 25 to March 31 to ensure that this initiative runs smoothly,” it said, adding that there will be a transition schedule during this time.

“The effective date for those who opted in before Dec 25 last year was Jan 1 this year.

“For those who opt in between Dec 25 and March 24, the effective date will be April 1.

“For those who opt in between March 25 and March 31, the effective date will be May 1 this year,” it read.

The statement said previously, changes to Simpanan Shariah took effect only on Jan 1 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 quickly.

“This update minimises waiting periods from yearly to monthly, ensuring members’ investments are Shariah-compliant from early on.

The statement said the effective date for those who opt in from April 1 onwards will be the first of the month following their opt-in date, but the seven-day grace period has to be taken into consideration.

“For example, for those who opt in on April 15, the effective date will be May 1.

“If members opt in on April 25, the effective date will only be June 1 because of the seven-day grace period.

“With the new registration feature, new EPF members can now select Simpanan Shariah as their preferred account type during self-registration,” it read.

“This enhancement provides members with greater control and flexibility, making it easier to manage their retirement savings in line with their financial and syariah-compliant savings option preferences,” it said.

For more information on the new enhancement features and Simpanan Shariah registration, visit the EPF website at www.kwsp.gov.my, or call the EPF Contact Management Centre (03-8922 6000).