Talib (right) and Shahril strike the gong to launch ‘Retirement Talk with EPF’ – witnessed by (from left) Adeline Lau who represents See Hua Group chairman Dato Henry Lau, EPF deputy CEO of operations Dato Mohd Naim Daruwish, AKPK CEO Azaddin Ngah Tasir and Sarawak Bumiputera Chamber of Entrepreneurs (DUBS) president Datuk Abang Abdul Karim Tun Openg. — Photo by Tan Song Wei
KUCHING: Employees Provident Fund (EPF) contributors are reminded to watch out for syndicates tempting them to withdraw their savings for so-called ‘investments’.
According to EPF chief executive officer (CEO) Datuk Shahril Ridza Ridzuan, there are many syndicates out to deceive EPF contributors through investment schemes that promise ‘unreasonably lucrative returns’, or take certain percentage out of the withdrawal amount as ‘commission’.
“We remind our members through the media to avoid syndicates that deceive them into withdrawing their savings for the purpose of housing, using false hire-purchase documents.
“We can detect such cases by checking with developers, banks and lawyers to determine whether the documents are legitimate,” he told reporters after officiating at the opening of the ‘Retirement Talk with EPF’ event with Minister in Chief Minister’s Office (Integrity and Ombudsman) Datuk Talib Zulpilip at The Spring Shopping Mall here yesterday.
Shahril said a number of cases involving fake withdrawals were detected by EPF and a lot of them are being investigated by police.
“We have taken action by making police reports on the syndicates and the (EPF) members involved as any withdrawal involving fake documents is against the law,” he said.
Asked if EPF suffered any loss from these cases, Shahril said there was none as the contributors were actually taking out their own money.
“Sadly, the syndicate is taking 30 to 40 per cent of that withdrawal as their ‘commission’ or fees for giving them the false documents.
“For the (EPF) members, it could be their only lifetime savings, being cheated off by the syndicate.”
He said among EPF’s roles are to safeguard members’ retirement savings and add value to these savings.
“We provide services such as retirement planning, which helps them work out their budget and phase out withdrawals in order to save for their old age rather than taking out their savings all in one go. This service has been very successful and we’ve seen a lot of people shift to phase withdrawals, once they understand the importance of not taking everything out at one time,” he explained.
Earlier, Shahril said EPF had embarked on a financial literacy campaign that expanded its Retirement Advisory Service (RAS) across the country.
“We started off with just two branches in 2014 and have now increased to 18 branches, with more than 40,000 members having used this service (RAS) since its inception,” he revealed.
Around 700 EPF contributors use RAS in Kuching this year. Plans are underway to expand this service to over 20 branches by year-end.
On the ‘Retirement Talk with EPF’ event, Shahril said the objective was to raise awareness of and highlight financial literacy as part of retirement planning for all Malaysians.
“We are providing a two-day platform where EPF members and the public can seek advice from us and the Credit Counselling and Debt Management Agency (AKPK), check their EPF statements or sign up for EPF’s electronic services such as i-Akaun and e-Pengeluaran, which will make it easier and more convenient for members to monitor their EPF savings.”
The event, held in collaboration with the See Hua Group, features talks on retirement such as ‘Retirement Advisory Services – Your First Step to Retirement Planning’, ‘EPF Withdrawals and Online Service Channels – Go Online and Explore e-Pengeluaran’, and ‘Debt Management – Why It Affects Your Retirement’.
Shahril speaks at the launch of ‘Retirement Talk with EPF’ event at the mall. — Photo by Chimon Upon