by BERNAMA / pic by ARIF KARTONO
KUALA LUMPUR – The Employees Provident Fund (EPF) said an old statement regarding the maximum age of 75 years for contributors to receive dividend payment is outdated and is no longer applicable.
The pension fund clarified this today after a statement on the maximum age for dividend payment went viral, circulating via WhatsApp and other online platforms.
“We urge members to be cautious of misleading or unsubstantiated information received through social media platforms and refrain from circulating them.
“Members are advised to always verify the source and date of the information obtained,” it said in a statement.
To recap, the EPF had on Nov 3, 2016 announced that effective Jan 1, 2017, members will continue to earn dividends for the remaining portion of their EPF savings up to age 100.
This measure was introduced following the amendment to the EPF Act 1991 to ensure that members who choose to maintain a portion of their savings with the EPF after retirement will continue to benefit from the compounding effect of annual dividends until their EPF savings have been fully withdrawn.
The EPF said members would be informed prior to transferring any unclaimed savings when the member reaches 100 years old.
Any claim after the transfer could be made through the Registrar of Unclaimed Monies, it said.