EPF

Expatriate Workers Win Landmark Case Against EPF Contribution Requirements

Bengaluru, Karnataka – The Karnataka High Court recently made a significant ruling regarding the inclusion of international workers in the employees’ provident fund and pension scheme. This decision, deemed “unconstitutional and arbitrary” by the court, is expected to have legal implications and affect the status of many expatriates who are part of or have contributed to the social security scheme. The petitioners, representing various sectors such as education, logistics, real estate, and technology, argued that …

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Retired Teacher Loses RM1.2mil in EPF Savings to Cryptocurrency Scam

ALOR GAJAH, Malaysia: A 70-year-old retired teacher from Alor Gajah has fallen victim to a cryptocurrency investment scam, losing a staggering RM1.2 million of her hard-earned Employees’ Provident Fund (EPF) savings. The scam unfolded when the teacher joined a social media group that lured her in with promises of high returns on her investment. The victim, who had kept her EPF savings in the bank since retiring, was enticed by the prospect of multiplying her …

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EPF Declares 5.5% Dividend Rate for 2023 Savings, Payout Reaches RM50.3bil

SHAHL ALAM, Malaysia – The Employees Provident Fund (EPF) in Malaysia has announced dividend rates for 2023, revealing a 5.5% return for Conventional Savings and a 5.4% return for syariah savings, distributing a total of RM50.3 billion and RM7.5 billion, respectively. Historically, EPF’s conventional savings have seen varying dividend rates over the past decade, ranging from 5.2% in 2020 to 6.9% in 2017. Similarly, syariah savings have experienced fluctuations, with rates ranging from 4.9% in …

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EPF Savings and Ringgit Value Decline Under Scrutiny in Dewan Rakyat Session

KUALA LUMPUR: As the value of the ringgit continues to decline and concerns grow over the retirement savings of EPF contributors, Thursday’s session in the Dewan Rakyat is set to address these pressing issues. Discussions are expected to center around the impact of the depreciating ringgit, with Finance Minister set to respond to inquiries raised by lawmakers during the Minister’s Question Time (MQT). Hassan Abdul Karim (PH-Pasir Gudang) will be directing questions towards the government’s …

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