Use i-Akaun for a Quick and Easy Way to Manage Your Retirement Savings

Did you know that you can manage your retirement savings at your fingertips? If you didn’t, you need to jump on the bandwagon. If you think saving your retirement is a tough task, think again. With so many online services offered, you can now keep track of your retirement goals and live the dream of a comfortable retirement.

EPF’s online platform which includes your online i-Akaun, EPF Kiosk and myEPF continue to be the preferred mode of transaction with EPF. In fact, as of end June 2016, usage of i-Akaun increased by over 44% since Q2, 2015.

“Our services have evolved dramatically in order to suit the changes in time and expectations of our members. The e-Pengeluaran facility is a growing part of our business and transactions as it provides greater convenience for members to submit their withdrawal applications.” – EPF CEO, Datuk Shahril Ridza Ridzuan

In fact, i-Akaun even allows you to ensure your employers are contributing their share of your retirement funds in a regular and timely manner. Here’s a breakdown of the EPF i-Akaun and how it can help you secure worry-free retirement.

Skip the Queues

Do you dread the long queues and hate waiting? You can now skip all of that hassle! Although, before you get to enjoy the online services, you do need to first register and get your 6-digit activation code to set up your i-Akaun. There are 2 ways to do this:

1. Over the counter or at an EPF kiosk
2. Call EPF’s Hotline at 03-8922 6000: We recommend obtaining the activation code by calling EPF’s Hotline from Monday to Friday, 8.00 am to 6.00 pm. I did it myself and it was as easy as answering a few questions and didn’t take longer than 5 minutes to do. For safety and identification purposes, you will be asked several questions, with your full name and identification number.  After which, you need to create your User ID.

Tip: Remember your User ID because you will not be able to change it and this will be needed every time you are signing into your i-Akaun. Also, ensure you activate your account within 30 days of receiving the code at www.kwsp.gov.my. We also suggest resetting your password.

Benefits of Having an i-Akaun

 Achieve your retirement goals

You may already have an idea of the lifestyle you would like to have once you retire, and this will also require you to secure enough money. But you cannot reach your retirement goals if you don’t even know how much savings you have and how much more you need. The i-Akaun will help you to keep track of your retirement savings whenever and wherever you may be.

Enjoy a simplified experience with the Banks

If you have an i-Akaun, it will help make your application with banks a whole lot simpler too. Whether you are applying for a loan or credit card, banks will require you to provide your EPF statements. Thanks to the i-Akaun, you won’t even have to leave your house to get access to your EPF statement, and this can speed up the process of your financing application.

You can also do various other things with just a click away which are:

• Check your current EPF statement, so no more having to go to the kiosk to see or print out how much retirement savings you have so far.
• Faster and easier access to your previous EPF statements online.
• Check the status of your withdrawal request if you have submitted a request. The status will be updated here so you don’t have to make any calls or go in person to the counter to check. It will show both the status and the history.
• Estimate the withdrawal amount you are eligible for. This means before you even put in a request for withdrawal, based on the amount of money you already have, you can then estimate how much you can actually take out.
• Check and be up to date with your current EPF transaction activities, such as when your employer submitted their contributions
• Check information on your nominees. You will get to check the name of the individuals you have appointed as beneficiary or nominees (for Muslim’s) for your savings money.

Submit your withdrawal request for housing, education or medical purposes 

Once you’ve activated your i-Akaun, it will be easier for you to submit requests for pre-retirement withdrawals online, without having to go to an EPF counter. The e-pengeluaran option is an online facility especially for EPF members with an i-Akaun to submit their withdrawal requests.

You can submit withdrawal requests for:

• Education purposes
• For housing purposes

As for housing withdrawals, you can submit a request:

• To purchase or build a house
• To reduce or redeem housing loan
• To fund your housing loan monthly instalments

But, do also know that when you submit a housing withdrawal request via e-pengeluaran, there are several qualifications you need to meet:

Tip: Remember, your retirement savings is meant to help you enjoy your retirement worry-free. Consider other options before you exhaust to make withdrawals from your retirement savings. Learn how you can be a retirement hero with your savings in this article

You will have access to your EPF account anytime, anywhere

Are you always on the go? No matter how busy you get you can still keep track of your retirement savings according to your schedule. Just download the i-Akaun app which is FREE and available for both Android and iPhone users. You can then keep track and manage your retirement savings no matter where you are! Remember, you will need to have access to your retirement savings information to help you plan and achieve your retirement fund goals.

The app offers EPF members access to their i-Akaun even while they are on the go. The features available on the app are:

• Calculate your yearly contributions
• Calculate your eligible amount for withdrawal
• Access to your latest statement
• Location of EPF offices with navigation
• Latest news on EPF
• Summary of your EPF account
• See your latest contribution

However, you cannot submit withdrawal requests through the i-Akaun app. You can only do so through EPF counters or via e-pengeluaran on EPF’s website.

Services you cannot do via e-services

Although there are various facilities available via EPF’s e-services, there still some services that require you to be present physically at an EPF counter to get it done. They are:

Naming a beneficiary or administrator (wasi) for your retirement savings

You will need to verify your identification, which includes your fingerprint at an EPF counter. Therefore, you cannot submit names for beneficiary or administrator who will manage your retirement savings when you pass on via the i-Akaun.

Applying for Shariah savings

EPF members who wish to convert from conventional to Shariah savings will have to go in person to any EPF counter as identification which includes their thumbprint is needed.

Retirement Advisory Services (RAS)

This is a service available for all EPF members and is free of charge. Members can get advice on how to manage their retirement savings to make sure they create sustainable monthly income after retiring. Members can also seek advice to help them make a decision before making withdrawals. However, to take advantage of this service, they will need to walk-in to an EPF counter or make an appointment to see the RAS advisors through the EPF hotline.

Investment is usually a long-term journey, more so if it is for your retirement. You may think that retirement is still a long way to go but to make sure you have a comfortable retirement, you need to take charge now. That process is made a whole lot simpler now with the i-Akaun. It will also free up your time to do other things. So if you haven’t registered for an account you, it’s time you do!

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