If in United States, 401(K) plan and IRA is one of the important pension plan. Here in Malaysia, we rely a lot on Employees Provident Fund (EPF) or Kumpulan Wang Simpanan Pekerja (KWSP). For employee in private sector, not having any pension plan from employer, EPF become very crucial to support our retirement age.
It is good to also pay attention to our EPF account. It is to ensure that our monthly contribution and employer contribution is correctly deposit to our account. Having to know the account balance, we can also understand if the EPF balance alone would be enough to support our retirement period or not.
The easiest and hassle-free way to maintain your EPF account is by signing up for the i-Account to view your EPF account online. Some of the features that you can do through your i-Account are:
- View last year statement
- View current statement – updated to the latest activity
- Print EPF statement – The printout is exactly as the statement we got from our employer or through EPF counter, so the printout is valid to be use as official document.
- Update profile including address, phone number and email address.
- Automatic calculate the amount that your able to request for withdrawal depends on the allowed situation.
To apply for EPF i-Account, just follow these simple steps below.
Apply an online i-Account on KWSP website
- Visit KWSP website http://www.kwsp.gov.my
- Click the “I-Account" image
- Click “Register Your Member i-Akaun”
- Click “Register as Member”
- Key in EPF number and IC number
- Key in the code show in image and click “Register” button
Once you have register for i-Account, now you have to generate the “activation code” to activate your account. However, this cannot be done online. You have to make a quick visit to any nearby EPF counter or EPF kiosk.
Generate i-Account “activation code”
To generate the activation code, visit the EPF counter and ask for the activation code. You will be asked for your identification card. But if you do not like the hassle of waiting for your queue to go to the counter, you can collect the code from the EPF kiosk.
EPF Kiosks machine
- Locate all available KWSP Kiosks machine at Kiosk list.
- Access the system and click the “collect activation code”.
- Insert our identity card
- When instructed by the system, place your right thumb thumbprint on the sensor for validation process.
- Press 6 digits as our activation code.
The final step will be activate our Online EPF account with our activation code.
Activate the i-Account with the activation code
- Visit EPF website, click the “first time login”
- Click “I agree to activate i-Akaun only” check box.
- Fill in your IC Number
- Fill in the Activation code Text box with the 6 digits “activation code” that you have generated.
- Click Activate button to process.
- Fill in all you user’s profile in the form.
- Click Submit.