10th January 2025 - 2 min read
The Employees Provident Fund (EPF) has announced the introduction of two new features for its Simpanan Shariah, designed to provide faster access and greater flexibility to members, effective from 1 April 2025.
In a statement, EPF explained that these updates will allow new members to register immediately for Simpanan Shariah and will provide monthly effective dates for all members opting in. New EPF members will now be able to choose Simpanan Shariah as their preferred account type during self-registration. Previously, updates to Simpanan Shariah accounts only took effect on 1 January of the following year.
Under the updated system, the effective date will now be the first day of the following month, subject to a seven-day grace period. This change reduces the waiting period from an annual to a monthly cycle, enabling members to align their investments with Shariah principles more quickly. The update provides members with more control and flexibility in managing their retirement savings according to their financial needs and preferences for Shariah-compliant options.
To ensure a smooth transition, EPF will introduce these changes gradually between 25 December 2024 and 31 March 2025. Members who opted in before 25 December 2024 will see their Simpanan Shariah accounts take effect from 1 January 2025.
For those opting in between 25 December 2024 and 24 March 2025, the effective date will be 1 April 2025. Members opting in between 25 March and 31 March 2025 will have an effective date of 1 May 2025.
From 1 April 2025 onwards, the effective date for members will be the first day of the month following their opt-in date, subject to the seven-day grace period. For example, a member opting in on 15 April 2025 will have their Simpanan Shariah account take effect from 1 May 2025. However, if a member opts in on 25 April 2025, the effective date will be 1 June 2025, in consideration of the grace period.
(Source: Bernama)
Samuel writes about personal finance and financial news, focusing on how banking updates, policies, and promotions affect everyday money decisions. He enjoys making complicated financial topics easier to follow. Outside of writing, he spends his time watching TV shows and occasionally convincing himself he will only watch one episode.
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