MALAYSIA Tanah Tumpah Darahku



Thursday, December 29, 2016

Muslim EPF contributors advised to make nominations

Only four million out of over 14 million EPF contributors have appointed nominees.
KUALA LUMPUR: Muslim contributors to the Employees Provident Fund (EPF) were today reminded to make nominations to avoid problems at a later date.
Association of Islamic Finance and Wealth Malaysia (AIFiWM) president Rohani Mohd Shahir said Muslim contributors should update their nomination from time to time, especially after they get married to ensure their dependents do not face difficulties after their death.
“We have been made to understand that currently only about four million out of over 14 million EPF contributors have appointed nominees, which is an alarming figure.
“Owners of assets should have this responsibility so that in their absence, there would not be confusion or fights which can cause rifts among family members,” he told Bernama here.
Rohani said the main purpose of a nomination was to accelerate the process of distributing EPF funds of members who have died to their heirs.
Members can nominate any “real person” as nominee or administrator. “Real person” here refers to individuals rather than organisations, associations, charities and so on.
However, they are advised to nominate their next of kin, such as their spouse, children or parents.
“If the contributor does not make the nomination, the process of distributing their EPF savings to beneficiaries who qualify must follow legal procedures which are time consuming and difficult.
“To facilitate the planning of the will, members are also advised to consult and inform the individual who will be named as the ‘wasi’ executor/administrator in advance to avoid confusion or misunderstanding regarding his or her role after the contributor’s death,” he explained.
A nomination is a written declaration made to appoint a person as administrator or wasi (for Muslims), who acts as the distributor of the deceased contributor’s savings to entitled beneficiaries.
EPF members only need to fill out the EPF Form 4, and provide copies of their identification cards as well those of their nominees.
The nomination form must be submitted to any EPF office while the contributor is still alive.
The nomination will take effect from the date it is received at the EPF office. -FMT

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.