THE Employees’ Provident Fund (EPF) is currently under fire on social media, with account holders accusing the organisation of unprofessionalism.
This comes after some confusion arose among EPF members regarding the need for monthly repayments towards bank loans, following some Twitter users’ claims that went viral that such payments are unnecessary.
The situation has sparked a heated discussion online, with many EPF members expressing their dissatisfaction with the organisation, saying it should have explained every detail in a media presser instead of coming out with media releases.
Individuals must seek advice from financial experts before committing to any financial product, including bank loans.
A thorough understanding of the terms and conditions of any financial product is also essential before signing any agreement.
EPF yesterday (April 8) sparked a riot online after it posted a denial of the viral content, saying there is no need for a monthly repayment of the bank loans.
Untuk makluman, ahli perlu membayar ansuran bulanan sepertimana yang di tetapkan oleh pihak perbankan.
Maklumat lanjut mengenai Fasiliti Sokongan Akaun 2 (FSA2) di https://t.co/n0XRlHg2zC#KWSP #KWSPInfo pic.twitter.com/2FeHbzWUTC
— KWSPMalaysia (@KWSPMalaysia) April 7, 2023
In English, it said, “For information, members need to pay monthly installments as set by the bank. More information on Facility Account Support 2 (FSA2)”
Replying to the EPF Twitter account @hanihakimihazim said:
Berbelit2 la kwsp ni. Dia sdri tulis. Lain kali buat la PC. Bukannya main letak FAQ dlm website suruh org tafsir sdri pic.twitter.com/BjsYnpAQkV
— THE5H (@hanihakimihazim) April 7, 2023
“EPF is complicating things. They wrote it themselves. Next time do it on PC, not just provide FAQs on the website and asking people to interpret them,” he said, angry at the apparent change in the EPF’s terms and conditions.
The confusion seems to have arisen from the published terms for the FSA2 loan requirements.
The user
“This initial application allows members to take the savings in Account 2 to get personal financing from a banking institution where withdrawal fees will only make to the institutional banking when members have reached the age of 50 years 55 years subject to the member withdrawal age option.
“At the same time, members need to pay monthly instalments as prescribed by banking institutions,” it says.
Users are questioning, which is which?
Another netizen spotted a change in the EPF statement.
Hahahhaha perbezaan statement sebelum dan hari ni…yang hari ni ada penambahan yang dibawah tu…hurmmm pic.twitter.com/HTpSq7MKKe
— mamoru_kenzi (@panic_ride) April 8, 2023
“Hahahha, the difference between the previous statement and today’s statement. Today’s has a new addition below…hurmmm,” he wrote.
He posted a copy of the “revised” statement, which has the additional phrases as per below:
The statement reads: “Early application allows members, taking into account available savings in Account 2 to get private funding from banks where withdrawal payments will only be made to the banks when members have reached age 50 to 55 years subject to member withdrawal age options.”
A user urged EPF to explain properly how this whole deal works.
Netizen @t_lean_hin added:
KWSP, tolonglah jelaskan baik baik, buat simulasi, dgn bayaran ansuran dan sekali lump sum, ada beza dr segi faedah keseluruhan. Jangan semua tolak kat bank. Ramai org perlu bergantung kpd penjelasan KWSP, sebelum pergi tanya lebih lanjut dgn bank
— Tan Lean Hin (@t_lean_hin) April 7, 2023
“EPF, please explain well; make a simulation; with instalment payments and a lump sum, there is a difference in terms of overall benefits.
“Don’t push everything to the bank. Many people need to rely on the EPF explanation before going to ask the bank for more information,” he said. — April 9, 2023
