Over the years since the government launched its plans to close the gap on the digital divide, many ministries have launched their sites to offer information online, services and the like. But many of them I didn’t find that useful. But there is one that I have to say is most God-sent amongst all the others. And no, it is not the one where we can submit our income tax assessment online. I find that one pretty crap simply because I couldn’t get a decent page load.

So which government site do you think I approve of and make the most use from? It’s actually the online EPF site. Some years back I paid a visit to the EPF counter to get some things sorted and the officer suggested that I apply to have access to my EPF account online via their website. It was quite easily done.

All I did was insert the MyKad into the EPF kiosk and create a password for my online access. After that I had about a week or two (can’t remember, been a long time!) to log in and activate my account. If I don’t do so within the time frame given, then I’ll need to go and set up another password at the kiosk. Fair enough, I guess.

So I activated my online account access immediately and have been able to access my EPF account details online since then. It’s really convenient because I can check my up to date account balance at any time. It breaks down into the details of Account 1 and Account 2, and all the sub-balances of what you can withdraw your EPF funds to do. For example, if I want to invest my EPF funds into unit trusts, I can easily check exactly how much is eligible for investment purposes without doing any calculation on my own. Similarly I also know at a click of the button how much I can withdraw for paying a home downpayment, etc.

This is definitely one access that I will keep up to date and not let it lapse. It’s a good way to keep track of your EPF account balance. You don’t need to go all the way to the offices just to check on your balance. You also don’t need to wait for that half yearly statement that gets posted to you in order to keep a tab on your account.

So if you have not already registered for your account access online, you may want to consider doing so. Don’t worry, you can’t do any transactions online so you won’t risk frauds where money is taken out of your account. Trust me, for money to leave the EPF, it’s really hard. Don’t count on doing it online.

Here’s the link to the site if you are interested, English and Malay versions available: KWSP Online.

To read more personal finance and money related articles, visit Penny Sense.

It’s good to have online access to your EPF account

Related Posts

• 20% drop in EPF dividend for 2008 (4)
• Oil price hits US$60 and automatic reduction in EPF contribution (0)
• Would you contribute less to EPF? (4)
• Stocks that EPF invests in (4)
• EPF housing installment scheme not as attractive as it seems? (4)

Today EPF made the official announcement of the dividend payout for the year 2008 and it is only at 4.5%, versus the previous year’s dividend payout of 5.8%. This is a drop of 22% in dividend payout which is quite substantial.

It was reported that the returns for the year 2008 was in fact better than 2007, but due to the economic downturn, EPF is making higher provisions and thus cutting down the dividend payout. You can read the full article here on The Star’s website. It’s a rather short article with not much details. Can’t expect the same front page treatment when they do good, right?

I guess such provisions will go towards bailing out some companies or go towards supporting the market if it crashes. I am fine with such a provision to sustain the market, as long as it doesn’t go to doing non-value added things!

To read more personal finance and money related articles, visit Penny Sense.

20% drop in EPF dividend for 2008

Related Posts

• It’s good to have online access to your EPF account (2)
• Oil price hits US$60 and automatic reduction in EPF contribution (0)
• Would you contribute less to EPF? (4)
• Stocks that EPF invests in (4)
• EPF housing installment scheme not as attractive as it seems? (4)

To read more personal finance and money related articles, visit Penny Sense.

Will you top up savings in EPF?

More Posts

• Lower interest rates to come (0)
• Looking on the bright side (2)
• Gold should be going up? (0)
• Is it worth your time to read The One Minute Millionaire book? (1)
• The Edge launches a good property guide website (2)

My unit trust agent just informed me this morning that I am now able to invest a larger sum of my EPF funds into unit trusts! I’ve been waiting for this change of ruling for months now and am glad it’s finally here.

Now I just have to pick out some good funds and start the ball rolling!

To read more personal finance and money related articles, visit Penny Sense.

Investing my future funds

More Posts

• Is this new deposit account from AmBank worth a look? (11)
• Adsense goal achieved after 1 year and 7 months (5)
• Penny Sense has landed a permanent home here! (0)
• More gloom ahead for financial institutions – HSBC cuts jobs (0)
• Save more with lower electricity tariff starting March (0)

I read this with great interest…now let’s start looking at some EPF approved funds!

Service charges for unit trust investment capped

Employees Provident Fund members can now enjoy better returns from their
investment in unit trusts with the lower service charges.

MEMBERS of the Employees Provident Fund (EPF) will pay 50 per cent less in
service charges for their investment in unit trusts beginning January 1 next
year.

In a statement oday, EPF said the service charges would be capped at three
per cent.“Members can enjoy better returns from their investment in unit trusts
with the lower service charges,” EPF chief executive officer Datuk Azlan Zainol
said.

The service charges by local investment funds in Malaysia are relatively
higher when compared with other countries such as Singapore, the UK, Japan and
the US.EPF members now pay about five to six per cent in service charges. —
Bernama

To read more personal finance and money related articles, visit Penny Sense.

Good news for EPF contributors!

More Posts

• Education & medical plans (0)
• Time to watch out for Axis REIT (5)
• More gloom ahead for financial institutions – HSBC cuts jobs (0)
• How to compute your tax income (0)
• Another investment to come (0)