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Meshio.com - Malaysia Personal Finance blog  






Watch Your EPF Accounts Closely

Posted in Daily Observations, Effective and Efficient, Malaysia Personal Finance, Malaysia Retirement, Technology |

A friend just shared with me how KWSP has accidentally omitted the deductions of her company’s EPF contributions. Although she’d submitted the employees’ KWSP contribution, the contribution was not stated in the latest KWSP statement, and a check with the KWSP authority reveals that there was a ‘technical glitch’ in the system that has made the contribution not registered in the system, and hence not printed on the statement. She was then told to furnish the necessary ‘evidence’ so that KWSP can rectify the error.

My friend was observant enough to have noticed the discrepancy. When she announced to all the other staff members who’d also received their latest EPF statements, none of them was aware of the omission. What if she’d not noticed the discrepancy? And what if didn’t only happen to her company?

I am not trying to downplay the KWSP’s professionalism, but such careless mistakes couldn’t have happened at a worse times, where the government is seen to be in a dire need of liquid cash (recent Sukuk Simpanan Rakyat launch, new units for ASM/ASW 2020, sharp rally in the local stock market).

Make sure you’ve checked, double-checked and triple-checked yours.





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  • 10ha

    yeah. my company had the same missing issue for caruman may 2008 & dec 2008!

  • http://www.bold-talk.blogspot.com eugene

    one thing we must agree is that there bound to be “technical glitch”no matter how sophiscated the system can be, therefore the onus to make sure everything is in order falls on us….

  • http://www.meshio.com yowchuan

    Indeed, it's difficult, if not expensive, to build a 100% error-free system. Still, I hope that the entity that is entrusted with the sacred responsibility of ensuring the well-being of the entire nation's workforce retirement fund is keeping their accounts straight with the most stringent protocols they can afford.

    This episode showed how fragile their system is, that they've to rely on the fund contributors to alert them about 'the bug'.

    I am also curious on the actions taken after they've found out about the first occurrence of the bug. Did they run a scan on all existing contributions and identify any other similar omissions or did they took the wait-till-it's-reported approach?

    From 10ha's statement, it seems that his/her company is also facing the same problem. If KWSP had taken pro-active steps to rectify the problem, either my friend's company or 10ha would have been notified about the error, and not having to report it to KWSP manually.

    I could be wrong though.