The compulsory savings plan and retirement planning service for private workers in Malaysia is a big thing. It is popularly known as the Employees’ Provident Fund or simply as KWSP EPF.
Of course, it needs registration to be made initially to enjoy the benefits of the service. The step by step on how to register i-Akaun KWSP online turns out to be very easy to follow.
Table of Contents
Register i-Akaun KWSP Online
The registration itself is mandatory that was derived from the EPF Act 1991. That leads to the idea that employees need to register as active members to contribute to their saving under the EPF. So, It is important to know the ways on how to apply i-Akaun KWSP online.
- It requires a visit to the nearest office EPF counter or kiosk of KWSP to get a set of temporary User ID and Password though.
- Upon registration, members will receive an SMS with password for i-Akaun activation
- The next step to do on how to register i-Akaun KWSP online is to go to the Member Login section of the KWSP EPF official website www.kwsp.gov.my to use the temporary credentials.
- The temporary User ID and Password will only work for 30 days.
- Choose to agree with the terms and then a new page will be shown.
- On that page, it is the chance to choose a new ID, New Password, Secret Phrase, and Online Image.
- Please create a New Password with combination of 8–20 alphanumeric digit and re-enter to confirm the new password. (Example: AzzamAli54321)
- The last step is to try using the new credentials to log in to the account.
- A successful notification will be displayed on the screen following the registration.
- Logout from the temporary login and then use the newly set ID and Password to secure login to the EPF account.
That is all the steps needed to be done on online registration i-Akaun KWSP.
How to Check the i-Account Balance
It is very easy to check things on the i-Account of KWSP EPF. Just secure login to the account by using the ID and Password for it.
Go to the My Account section and click on it. There will be a lot of information to get upon successfully logging into the account including the balance.
Can a User Withdraw 100% of EPF Saving
Unfortunately, that is impossible to do. The official rule said that the total amount of EPF saving that can be withdrawn at once is only 90% upon approaching 54 years of age or on the last year before retirement. The user’s contribution will continue until the age of 58.
How Much Money is Required for a Retirement
It is recommended that the EPF saving has at least RM228,000 at the user’s age of 55. That will provide that user RM950 as a monthly allowance for 20 years long. Of course, that is only a recommendation. Yet, it is a good idea to follow that recommendation though.
What is the Meaning of EPF Claim Under Process
The status of under process of an EPF claim means the claim remains in progress. A notification will be shown whenever the process is completed and that the money has been transferred to the account of a user.