EPF contributors should plan their withdrawals

SHAH ALAM: Employees Provident Fund (EPF) contributors must not resort to withdraw their savings hastily, but instead plan their withdrawals to avoid being duped by scammers.
President of Malaysian Indian Network of Entrepreneurs Association, Datuk S. Gopinath said contributors must consult with the EPF officers and seek their assistance in preparing the needful rather than consulting illegal agents for fast withdrawals.
"Proper planning is needed to avoid contributors becoming the victims of illegal scammers who look for their victims through the social media in its bid to dupe the public," he told Bernama.
Gopinath was responding to cases of scammers aggressively using the social media to lure EPF members into withdrawing savings earlier than they are eligible to.
The syndicate targeted contributors who were desperate for quick cash, and in return asked for 30 to 60% in commission from the withdrawal amount.
It even blatantly used the EPF logo on its social media account in its bid to dupe the public.
"We found that those hurrying to withdraw their fund at the age of 55 are mostly middle-class people who have financial difficulties.The reason they seek assistance from illegal agents is that they do not qualify for the withdrawal procedures."
Gopinath said the EPF should look into installing a system that makes verification and approval possible via mobile or online.
"This will promote transparency and amplify accountability," he added. – Bernama