Recognizing how important it is to secure savings for retirement, it’s crucial to register EPF online and take steps to strengthen your financial future. To ensure a secure retirement, it’s advised for soon-to-be retirees to save at least RM240,000 for 20 years. As of December 2022, it is surprising to note that 51.5 percent of EPF members aged 55 and below have less than RM10,000 in their Account 1. This amount falls short of the recommended savings goal.
How to Register an EPF Account Online in Malaysia?
As the demand for seamless financial management grows, opening an EPF account online becomes a pivotal step. Navigating this online registration process ensures that the emerging generation can effortlessly secure their financial future in the digital age.
Requirements to Open EPF Account Online
Open to individuals within the age range of 14 to before 75 years old.
Steps to Register EPF Online via KWSP i-Akaun
Starting from 6th of July 2023, you can open an EPF account with ease through the KWSP i-Akaun mobile application. Discover the hassle-free steps below to unlock EPF benefits from the comfort of your screen, empowering your financial journey with just a few clicks.
1. Ready Your MyKad/MyPR
Prepare your MyKad or MyPR and ensure you’re in a safe and well-lit area.
2. Open the KWSP i-Akaun App
Open the KWSP i-Akaun application to register EPF online and tap on the ‘Don’t have EPF account’ menu.
3. Follow the Steps on the Screen to Register
Follow the on-screen steps until your registration is successful.
Once you have successfully registered and opened your EPF account online, proceed to register and activate your i-Akaun. The KWSP i-Akaun serves as a user-friendly online platform designed for EPF members to seamlessly oversee and contribute to their retirement savings.
Through i-Akaun, members can effortlessly monitor contributions, apply for withdrawals, access EPF saving statements, and execute a range of essential tasks provided within the application.
Are There Other Options to Register and Open an EPF Savings Account?
In addition to the EPF account online registration option, individuals have the flexibility to register for an EPF account through alternative channels such as self-service terminals and counters.
Register EPF Account via Self-service Terminal
The EPF provides a Self-Service Terminal (SST) option, enabling you to open an account without the need to queue at the counter. Opening your EPF account at the SST involves following the five (5) steps outlined below:
- Locate the nearest EPF SST;
- Insert your MyKad/MyPR and authenticate your thumbprint;
- Provide your personal mobile number and email;
- Verify your personal details;
- Your EPF member number will be presented on the screen, and a confirmation email will be sent to you upon successful registration.
It’s important to highlight that the option to open an EPF account and activate i-Akaun at the SST is exclusively available for Malaysian citizens and permanent residents. Foreign applicants, however, are required to visit the counter for EPF account registration, presenting Borang KWSP 3 (Daftar), KWSP 16(B), and their passport or alternative proof of identification.
Register EPF Account via EPF Counter
Should you opt for an in-person EPF account opening at the counter, adhere to the following three (3) steps:
- Present your identification at the counter, such as MyKad, MyKAS, or passport;
- Authenticate your identity with a thumbprint;
- Obtain your EPF member number upon the successful completion of your registration.
Secure Your Financial Future with EPF Savings Account and Health Insurance
In the pursuit of a stable and secure financial future, the strategic combination of EPF Savings Account and health insurance proves to be a prudent choice. The EPF, or Employees Provident Fund, offers a robust savings platform designed to ensure a reliable financial cushion during retirement.
By diligently contributing to your EPF account, you are not only safeguarding your post-employment years but also leveraging a structured approach towards wealth accumulation. However, financial security goes beyond mere savings, and that’s where health insurance steps in as a crucial component.
A comprehensive health insurance plan acts as a protective shield, mitigating the potential financial burdens that may arise from unexpected medical expenses. This dynamic duo of EPF Savings Accounts and health insurance creates a resilient financial strategy, addressing both short-term and long-term needs.
As life unfolds with its uncertainties, securing your financial future necessitates a holistic approach. By intertwining the benefits of EPF savings with the protective coverage of health insurance, you fortify your present financial standing. This proactive approach also paves the way for a more confident and secure tomorrow.
To find out more about health and medical insurance, visit qoala.my for more info. Qoala is a trusted insurance comparison platform in Malaysia, providing you with the seamless ability to compare and choose the right insurance coverage for you.