Sunday, April 26, 2015

EPF / KWSP - The Unknown Benefits.

Are you aware that apart from retirement benefits, an EPF member is also entitled to other benefits in the event of incapacitation and death?
Incapacitation Benefit (Incapacitation Withdrawal)
The Incapacitation Benefit is paid to the member who has lost his job owing to incapacitation and has made an Incapacitation Withdrawal. The amount for Incapacitation Benefit is RM5,000.00. This benefit will be given once only, subject to the following conditions:
·         Malaysian citizen;
·         Member has not attained the age of 55;
·         Applied for Incapacitation Withdrawal within 12 months of the date of termination of service;
·         Last period of service must be at least 6 continuous months;
·         Reason for termination of service must be incapability to work and not disciplinary action or voluntary resignation.

Death Benefit (Death Withdrawal)
The Death Benefit is paid to the member's dependant or next-of-kin, subject to consideration by the EPF, when the application for Death Withdrawal is made. The amount for Death Benefit is RM2,500.00. This benefit will be given once only, subject to the following conditions:
·         Malaysian citizen;
·         Member has not attained the age of 55 years at the time of death;
·         Application for Death Withdrawal is made within 6 months of the date of demise of the member.

For more information:
http://www.kualalumpurpost.net/for-the-attention-of-epf-account-holders-rm2000-is-yours5/
http://www.kwsp.gov.my/portal/en/members/member-responsibility/registration/benefits-as-an-epf-member
http://www.kwsp.gov.my/portal/documents/10180/179019/incapacitation_withdrawal__april_2012_.pdf
http://www.kwsp.gov.my/portal/documents/10180/178828/Death_Withdrawal__July_2011_.pdf