Last updated : 3/12/19 1:37 PM     

EPF Launches Contribution Payment Transformation Programme

KUALA LUMPUR, 31 October 2016: The Employees Provident Fund (EPF) today launched the e-Caruman Contribution Payment Transformation Programme, an initiative to encourage all registered employers to optimise usage of the e-Caruman facility when remitting their monthly EPF contributions.

 

The programme is a joint collaboration between the EPF and the Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear), a wholly-owned subsidiary of Bank Negara Malaysia and operator of FPX. The integration with FPX would allow employers to make online payments directly from the e-Caruman portal and mobile app at zero transactional charges.

 

EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan said, “This programme is in line with EPF’s objectives to reduce dependence on counter services, expedite mobile transaction and to improve overall experience in dealing with the EPF.  Employers will find that using the FPX system will make processing EPF contribution payments easier and more secure.

 

“Since its roll-out in January 2013, the e-Caruman facility has been well received and as at September 2016, more than 95 per cent of employers utilised the facility every month. Since they are already comfortable using e-Caruman, we now urge them to advance towards making payments using FPX embedded in the e-Carumansystem.”

 

Commenting on the collaboration with the EPF, MyClear Managing Director Peter Schiesser described the partnership as yet another rmilestone in the adoption of electronic payments in Malaysia.

 

“For customers and employers, using FPX is a convenient, secure and efficient means of paying monthly EPF contributions.  Using FPX for e-Caruman is free for employers, with no transaction fees,” he said, adding that the FPX allows payments via both retail banking and corporate banking, and is available 24 hours a day, seven days a week at 27 participating banks.

 

In addition to being registered with EPF’s i-Akaun, employers are required to have internet banking facilities with the respective participating banks for FPX services. The FPX provides employers with payment information via a single channel, which facilitates ease of report reconciliation for multiple banks. There is no registration required to become a user of FPX.

 

As at September 2016, a total of 418,411 active employers have utilised the e-Caruman facility to submit their Form A online, involving an amount of RM4.40 billion. However, only 20.15 per cent or 98,682 employers remit their contribution payments online, amounting to RM1.57 billion.

 

Datuk Shahril stressed that it was urgent for all employers to start using the e-Caruman facility as starting 1 January 2017, all employer transactions with the EPF will be done online and that the EPF will no longer be using or sending out Form A (the manual system for payment).

 

Employers with less than 10 employees may also monitor their account via the Employer i-Akaun mobile app, which was introduced in April this year.  Through this app, employers are able to search their employees’ information as well as look up past record on credited contribution, Form A and payments made, among others.

 

Employers have expressed satisfaction in using e-Caruman and FPX as both facilities have made it easier for them to transmit transactions remotely and eliminate trips to the bank or EPF branches.  In addition to being convenient and efficient, the online service also offer additional level of security.

 

Present at the event were MyClear Chairman Dato’ Sri Dr Halim Shafie, EPF Deputy Chief Executive Officer (Operations) Dato’ Mohd Naim Daruwish and Vice-President of the Federation of Malaysian Manufacturers Davies Danavaindran.

 

For more information on e-Caruman, employers may log on to EPF website at new.epf.gov.my or call EPF Contact Management Centre at 03-89226000.  Employers may also browse www.myclear.org.my for information on FPX.

 

About the Employees Provident Fund (EPF)

The Employees Provident Fund (EPF) is Malaysia’s premier retirement savings fund to help its members achieve adequate savings for a comfortable retirement. This is in line with EPF’s vision to help members achieve a better future and the mission to safeguard members’ savings and deliver excellent services. The EPF has evolved significantly from transaction-centric to a professional fund management organisation with a strong focus on retirement security. The EPF is guided by a robust and professional governance framework when making investment decisions. It continues to play a catalytic role in the nation’s economic growth and seeks to cultivate a savings and investment culture among its members to improve the country’s financial literacy level.

 

About the Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear)

MyClear, a wholly owned subsidiary of Bank Negara Malaysia, aims to accelerate Malaysia’s growth and prosperity, through the provision of world-class payment systems and financial market infrastructures. We design, build and operate world-class payment systems and financial market infrastructures that safely, reliable and efficiently enable the functioning and development of Malaysia’s financial system as well as the economy as a whole.