You Can Now Name Amanah Raya As EPF Nominee With Flat Fee
You can now nominate Amanah Raya Bhd as a nominee for your Employee’s Provident Fund (EPF), but you will be charged a 2% fee of the total amount of your EPF.
As most people would nominate immediate family members, and even their children, nominating Amanah Raya may seem unnecessary.
But it will help for moments when those who have been nominated have passed away, or the nominees are still underage. In moments like these, appointing Amanah Raya would enable faster equitable distribution of the members’ savings to the next of kin upon their demise.
Presently, Amanah Raya charges an estate administration fee based on a multi-tiered system, ranging from 1% to 5%.
A 5% fee will be charged for the first RM25,000, 4% for the next remaining balance up to RM225,000, 3% for the next remaining balance up to RM250,000, 2% for the remaining balance up to RM500,000 and 1% for any remaining balance.
As of January 1 2018, you can not only nominate Amanah Raya for your EPF, but you will be charged a 2% flat rate for estate administration.
Amanah Raya insists it is not forcing EPF members to nominate Amanah Raya, and that the programme is aimed at enhancing the sense of responsibility of the management team and the staff to fight against graft.
