Why is it important to nominate your EPF beneficiaries and how to do it?

The Star, Tuesday September 25, 2012

EPF on a blitz to enlighten members over nomination of beneficiaries

PETALING JAYA: The Employees Provident Fund is stepping up its media campaign to get more members to nominate a beneficiary. The print and radio advertising, which started yesterday, will run until Oct 19. It is an issue “high on the agenda at the EPF for the well-being of members’ families and dependents”, EPF public relations general manager Nik Affendi Jaafarsaid in a statement yesterday. He said the campaign was to urge members to prioritise their families’ welfare.“Running parallel with the advertising campaign are promotions supported through EPF service counters and its call centre. “This is besides EPF’s official Facebook page (Kumpulan Wang Simpanan Pekerja) and Twitter (KWSPBuzz),” he added. The campaign highlights how a disruption through death brings hardship and uncertainty for the dependants.“It is therefore important to constantly remind members who have not nominated their beneficiaries to do so immediately,” added Nik Affendi. Members can nominate any individual as their beneficiary, but are advised to choose their next-of-kin. For Muslims, their nominees only act as an administrator (wasi), who would be responsible for distributing the savings in accordance with the Faraid Law. “All members should be aware that an EPF nomination will always supercede a written will,” said Nik Affendi.Members need to fill up the KWSP 4 form and submit it to the nearest EPF branch in person. For details, visit myEPF website at www.kwsp.gov.my or contact the call centre at 03 8922 6000 (7.30am to 7.30pm from Monday to Friday). Alternatively, members can submit their queries via http://enquiry.kwsp.gov.my.

Posted by Alex Wong CPA Australia Melbourne University, Australia

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