Employee Provident Fund (EPF)
The Employee Provident Fund (EPF) is a social security scheme in Malaysia that is managed by the Employees Provident Fund (EPF) Board. The scheme provides financial security for employees and their families in the event of retirement, disability, or death.
EPF contributions
EPF contributions are made by both employees and employers. Employees are required to contribute 11% of their monthly salary, while employers are required to contribute 13%. The contributions are tax-deductible for both employees and employers.
EPF benefits
EPF members are entitled to a number of benefits, including:
- Retirement benefits: Employees who have reached the age of 55 and have contributed to the EPF for at least 10 years are eligible to receive a monthly pension from the EPF.
- Disability benefits: Employees who are permanently disabled and have contributed to the EPF for at least 5 years are eligible to receive a monthly disability pension from the EPF.
- Death benefits: The beneficiaries of employees who die while they are still contributing to the EPF are eligible to receive a lump sum payment from the EPF.
EPF withdrawals
EPF members can withdraw their savings from the EPF for a number of reasons, including:
- Housing: Employees can withdraw up to 10% of their EPF savings to purchase a house.
- Education: Employees can withdraw up to 10% of their EPF savings to pay for their education or the education of their children.
- Medical expenses: Employees can withdraw up to 10% of their EPF savings to pay for their medical expenses or the medical expenses of their dependents.
EPF investment
The EPF invests its members’ savings in a variety of assets, including stocks, bonds, and real estate. The EPF’s investment portfolio is managed by a team of professional investment managers who are responsible for maximizing the returns on the EPF’s investments.
Why is EPF trending on Google Trends MY?
EPF is trending on Google Trends MY for a number of reasons, including:
- The recent announcement of the EPF’s dividend rate for 2022.
- The increasing number of EPF members who are reaching retirement age.
- The rising cost of living in Malaysia.
The EPF is an important part of the Malaysian social security system. It provides financial security for employees and their families in the event of retirement, disability, or death.
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
Please search for “epf” which is rapidly rising on Google Trends MY and explain in detail. Answers should be in English.
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