KUALA LUMPUR: The Employees Provident Fund (EPF) has introduced two key features to Simpanan Syariah, effective April 1, 2025, offering members faster access and more flexibility.
These updates allow for immediate registration for Simpanan Syariah and monthly effective date for opt-ins.
Previously, the effective date for opt-ins would be on January 1st of the year following the registration.
From December 25, 2024, to March 31, 2025, registrations before Dec 25, 2024 will take effect on Jan 1, 2025; between Dec 25, 2024 and March 24, 2025 on April 1, 2025.
While registrations between March 25, and March 31, 2025 will take effect on May 1, 2025.
After April 1, 2025, the effective date will be the first day of the month following the opt-in date, with a seven-day grace period.
For example, if a member opts in on April 15, 2025, the effective date will be May 1, 2025; if they opt in on April 25, 2025, it will be June 1, 2025.
Additionally, new EPF members can now select Simpanan Syariah as their preferred account type during self-registration, with changes taking effect on the first day of the following month.
This update ensures quicker transitions to Syariah-compliant savings, offering members greater control and flexibility in managing their retirement funds.