Whether you noticed it or not, EPF Malaysia through an official tweet shared about the new update on the application. This is necessary to offer a more inclusive experience to users in Malaysia with more diverse facilities. In the meantime, it is also said to be a new application to replace the existing i-Akaun that provides facilities for members to manage accounts online more easily.
Although it may be seen as a good move, but the fact is that there are some things that lead to questions among users. For example, what is the big difference between the new application and the previous one? Why are there two separate applications? Do they need to uninstall the classic version of the app? Here is a little that can be shared about the renewal.
Upgrades Over Existing?
1 - Registration of new members and EPF i-Akaun aims to facilitate and speed up the process of registration of new members by self-service without the need to go to the EPF office. It can be fully utilized by those who are not yet registered as EPF members who are Malaysian citizens (MyKad or My PR holders) and have reached the age of 14 but not over 75 years.
But it is different from those who already have an EPF account and just want to register with this new application, where it cannot be done directly through the application. Instead, they need to register through several channels such as Kiosks kwsp, KWSP offices and the i-Akaun application (classic version)/ i-Akaun portal (Members) – View Mode Access.
2- Retirement savings calculator on the application that provides a projection or estimate of the amount of savings when reaching retirement age. This calculator is said to be able to help estimate the amount of savings in the EPF depending on the information provided. With this, users can use it to calculate the expected amount of income needed in the future.
3 - 50-year-old withdrawal which allows members to make a one-time withdrawal of part or all of the account savings upon reaching the age of 50 to be used in preparation for retirement. The withdrawal process made through this new application does not require members to visit the office to send documents, but instead only attend the EPF counter for the purpose of fingerprint verification for some situations such as withdrawals exceeding 30,000.00 and first time withdrawal applications.
4- Purchase of insurance or takaful (through i-Lindung) which allows members to purchase insurance or takaful products through i-Lindung approved by the EPF using their savings. It includes life cover and critical illness cover offers.
5- Mobile binding that can link the device to the member's profile for the purpose of account security and prevent unauthorized access.
6- Registration and cancellation of Simpanan Shariah to help members manage their retirement savings in a Shariah compliant manner for themselves and their families.
7- EPF Mobile Team location that provides easier access between members and the EPF itself. This service is however limited to selected locations such as Kuala Lumpur, Shah Alam, Alor Setar, Ipoh and others as listed.
Need to SWITCH to a new app?
The EPF strongly encourages users to fully switch to this new application because many more new function updates will be provided from time to time. However, the existing classic version of the application can still be used as usual without any problems until the announcement of the appropriate period regarding its termination later.
There is no need for a new ID and password for existing members, instead they can log in to a new EPF i-Akaun account with the same information. Existing details will also be neatly stored without worry of being deleted as all previous account settings will be automatically updated to the new EPF i-Akaun application.
How to register EPF members through the new application?
1- Prepare Mykad/MyPr
2- Open the EPF i-Akaun application
3- Press the menu 'Don't have an EPF account yet?'
4- Follow the steps on the screen to register
5- Continue for i-Account activation