EPF Speeds Up Monthly Access For Simpanan Shariah
The Employees Provident Fund (EPF) has just introduced two new features that aim to improve the speed of access and flexibility of Simpanan Shariah members. These features are expected to go into effect on 1 April 2025.
Enhancements transition period until 31 March
According to a recently released statement, EPF will roll out these enhancements based on the transition period from 25 December 2024 to 31 March 2025. This is to ensure that this initiative runs smoothly.
Members who opt-in from 1 April onwards will have their Simpanan Shariah account take effect on the first of the following month.
Transition schedule
During this roll out period, the effective date of Simpanan Shariah for members opting in is as follows:
- Before 25 December 2024: Effective date will be 1 January 2025.
- Between 25 December 2024 and 24 March 2025: Effective date will be 1 April 2025.
- Between 25 March and 31 March 2025: Effective date will be 1 May 2025.
- From 1 April 2025 onwards: Effective date will be the 1st of the month following their opt-in date, subject to a seven-day grace period. For example, members who opt in on 15 April 2025, the effective date will be 1 May 2025. If members opt in on 25 April 2025, the effective date will be 1 June 2025, instead of 1 May 2025, taking into account the seven-day grace period.
Members can select Simpanan Shariah during self registration
With the addition of new registration features, new EPF members can now select Simpanan Shariah as their preferred account type during self-registration.
Previously, any changes that are made to Simpanan Shariah would usually take effect on 1 January the following year. However, this new enhancement’s effective date will be the first day of the following month, subject to a seven-day grace period, allowing members to transition to Shariah compliance more quickly. This should minimise waiting periods from yearly to monthly,
Previously, changes to Simpanan Shariah took effect only on 1 January of the following year. Under this enhancement, the effective date will now be the first day of the following month, subject to a seven-day grace period, allowing members to transition to Shariah compliance ensuring members’ investments are Shariah-compliant from early on.
This enhancement aims to give members greater control and flexibility, making it easier to manage their retirement savings in line with their financial and Shariah-compliant savings option preferences.
