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July 14, 2015

EPF (Employees Provident Fund) – Frequently Asked Questions

What is EPF?

EPF stands for Employees Provident Fund, or KWSP (Kumpulan Wang Simpanan Pekerja) in Malay, and it is Malaysia’s compulsory savings plan and retirement plan created under Employees Provident Fund Act 1991 (Act 452).

Who Becomes an EPF member?

Any employee working in the private sector, as well as those working in the public sector as a non-pensionable employee, are considered EPF members. KWSP reported that its membership is 530,166 strong as of December 2014. Those who aren’t members can still contribute voluntarily to their EPF accounts.

Why Should I Contribute to EPF?

EPF is a social security institution set up to help fulfill the social and [...]

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