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EPF contributors advised against making hasty withdrawals

 | November 18, 2017

President of an Indian entrepreneurs' association says this will help prevent them from falling victim to scammers.

epf-pengeluaran-kaunter-logo-kwspSHAH ALAM: Employees Provident Fund (EPF) contributors must not withdraw their savings hastily, but instead plan their withdrawals to avoid being duped by scammers.

President of Malaysian Indian Network of Entrepreneurs Association, S Gopinath said contributors must consult with EPF officers and seek their assistance in preparing the needful rather than consulting illegal agents for fast withdrawals.

“Proper planning is needed to prevent contributors from falling victim to illegal scammers who look for their victims through social media,” he told Bernama.

Gopinath was responding to the numerous cases of scammers aggressively using social media to lure EPF members into withdrawing their savings earlier than when they were 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.

Some scammers 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 funds at the age of 55 were mostly those from the middle class facing financial difficulties. The reason they sought the assistance of illegal agents was because they did not meet withdrawal procedures.”

Gopinath said the EPF should look into installing a system that makes verification and approval possible via mobile phone or online.

“This will promote transparency and amplify accountability,” he added.


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