Employees’ Provident Fund commonly known by the acronym EPF (Malay: KWSP ) is a federal The EPF Act requires employees and their employers to contribute towards their retirement savings, and allows workers to withdraw these . Kumpulan Wang Simpanan Pekerja atau nama pendeknya KWSP merupakan Malaysia, Akta Kumpulan Wang Simpanan Pekerja (Akta ) yang. Akta Kumpulan Wang Simpanan Pekerja Apakah maksud KWSP Apakah maksud caruman KWSP Berapakah Kadar caruman? Terdapat beberapa Jenis .
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Provided that where arrears of wages kwep paid to an employee upon any wage revision, such arrears of wages shall for the purposes of this Act be deemed to be part of the amount of wages for the month in which the arrears of wages are paid in addition to the amount of wages due to him in respect of the month referred to in paragraph a or b. Provided that such scheme shall cease to be an approved fund jwsp the Minister declaring that it shall cease to be so.
Provided that no such officer shall be personally liable under this Act for anything done or omitted to qkta done in good faith by him as an officer of such employer. For the purposes of managing the Fund and for carrying into effect the purposes of this Act, a body corporate by the name of “Employees Provident Fund Board” is established with perpetual succession and a common seal, and which may sue and be sued in its corporate name and, subject to and for the purposes of this Act, may enter into contracts and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with any movable or immovable property or any interest therein vested in the Board upon such terms as it deems fit.
Subject to subsection 7 2sections 8 and 22, a member of the Board, other than the chief executive officer, shall hold office for a term not exceeding three years and shall be eligible for reappointment. Chairman and six other members to form quorum of the Board. The Minister may give to the Board directions of a general nature not inconsistent with the provisions of this Act as to 11991 exercise of the functions and powers of the Board and the Board shall give effect to those directions.
Notwithstanding kdsp other provisions of this Act, the Board wksp appoint any person or establish any committee in respect of any matter relating to the management and administration of the Fund.
Power to grant loans and make advances to its officers and servants. The Board may grant loans and make advances to its officers and servants on such terms and conditions as the Board may determine. Establishment and membership of the Investment Panel. A member of the Investment Panel shall be deemed to have vacated his office. The Chairman of the Investment Panel to have casting vote. Disqualification from membership of the Board and the Investment Panel.
Establishment of Shariah Advisory Committee. Functions of Shariah Advisory Committee. Power of the Board to invest in an approved company. Provided that the Minister may vary any limitation imposed on the total amount of the borrowings of the approved company in this paragraph. Power of the Board to establish a corporation or a company.
Provision aktx advancement from the Federal Consolidated Fund. The annual accounts of the Fund shall be audited in accordance with the provisions of the Statutory Bodies Accounts and Annual Reports Act [Act ]. Appointment of the chief executive officer, officers and servants of the Board. Establishment of the Disciplinary Appeal Committee. Establishment of a Promotion Committee in respect of officers and servants of the Board.
Establishment of the Promotion Appeal Zkta in respect of officers and servants of the Board. Appointment of Inspectors, their powers, functions and duties. Subject to any regulations made under section 71, an Inspector or an officer vested with the powers of an Inspector may at any reasonable time. Provided that such person may refuse to aktq any question the answer to which would have a tendency to expose him to a criminal charge or penalty or forfeiture.
Power of the Board to assess contributions based on information available. Powers of chief executive officer to ask for information and application for search warrant. The chief executive officer may issue certificate to Inspector General of Police or the Director General of Immigration to prevent any person leaving Malaysia in certain circumstances.
Provided that the non-receipt of the notice by that 19911 shall not invalidate anything done under this section. Duty of corporation to notify the Board of its incorporation or registration. Duty of employer to prepare and furnish statement of wages. Provided that where any such contribution has been received it shall be paid into the Fund in accordance with section Election for account of member of the Fund to be managed according to Shariah.
Adding up credit into the account of a member of the Fund. Employer’s contribution irrecoverable from employee. Provided that, subject to such conditions as may be prescribed by the Board, where an employer has, by error not occasioned by that employer’s negligence, omitted to deduct any contribution or part of any contribution payable by him on behalf of the employee, then, such contribution or part thereof may be deducted from the wages payable by such employer to the employee not later than six months from the date of the payment of the wages in respect of which the contribution or part thereof was omitted to be deducted.
Provided that nothing in this section 19991 prejudice the right of the Board to recover the amount of such contribution and dividend atka the employer. In addition to payment of dividend paid under the proviso to subsection 50 kwsppthe Board may pay to the member of the Fund who has made a withdrawal under subsection 54 1an additional dividend as determined by the Board.
Contributions and deposits not to be assigned or attached. Provided that where an employee. Provided further that where in accordance with the rules of such approved fund the amount standing to the credit of any employee consists in whole or in part of a policy of life assurance, such policy shall not be transferred to the Fund, but shall be dealt with in accordance with such rules.
Provided that where in accordance with the rules of such approved fund the amount standing to the credit of any employee consists in whole or in part of a policy of life assurance such policy shall not be transferred to the Fund, but shall be dealt with in accordance with such rules. Notice of such election shall be given to the Board in such manner as may be prescribed by the Board, and if the Board approves such transfer, the employee shall be credited with the amount so transferred to the Fund.
The approved fund of a statutory or local authority under the new scheme shall be wound up on such date as the Minister may, by notification in the Gazette, appoint in each particular case, and all assets and liabilities of the approved fund shall be transferred to the Fund and dealt with under this Act:. Provided that where there is a pension scheme of a statutory or local authority within the meaning of “approved fund” under section 2 of this Act then the winding up of such scheme shall be dealt with under section 30 of the Statutory and Local Authorities Superannuation Fund Act [Act ] notwithstanding section Transfer of credit of a member of the Fund in accordance with the division of matrimonial assets order.
Act A, A, A]. Payment of dividend in such manner as determined by the Board. For the purpose of withdrawal under this Act, the date of withdrawal shall be. Withdrawal from the Fund for a member of the Fund who has attained the age of fifty-five years. Contribution to and withdrawal from the Fund for a member of the Fund who has attained the age of sixty years.
Unless otherwise provided to the contrary, payment in respect of any withdrawal authorized by the Board under this Act shall be in the manner as may be determined by the Board from time to time.
Limitation for a member of the Fund to dispute the accuracy of amount withdrawn or the validity of a withdrawal made.
Amount withdrawn not to wkta utilised for other purpose. Incorrect declaration, failure to furnish return or furnishing false documents. Where any person is found guilty of an offence under paragraph 59 bthe court before which such person is found guilty shall order such person to furnish or produce any declaration, return, certificate or other document required kwwsp this Act or any regulations or rules thereunder to be furnished or produced. Attempts, preparations, abetments and conspiracies punishable as offences.
Notwithstanding the provisions of any written law to the contrary, an employer may be charged with and tried at one trial for any number of offences under subsection 43 2 and such offences shall, for the purpose of the law for the time being in force relating to criminal procedure, be deemed to form the same transaction. Certificate of authorized officer of the Kwap to be evidence.
In any legal proceedings, a certificate in relation to a claim on contributions payable and duly certified by an authorized officer of the Board shall be prima facie evidence of such certificate having been made and of the truth of the contents thereof. Protection of contributions in execution proceeding or sale under security.
Notwithstanding the provisions of any written law, but without prejudice to section 65, in any civil proceedings aktw or against the Board.
Kumpulan Wang Simpanan Pekerja
Where an offence under this Act or any regulations or rules made thereunder has been committed by a body corporate, firm, society or other body of persons, any person who at the time of the commission of the offence was a director, manager, secretary or other similar officer or a partner of the body corporate, firm, society or other body of persons or was purporting to act in such capacity shall, as well as such body corporate, firm, society or other body of persons, be deemed to be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.
The Public Authorities Protection Act [Act ] shall apply to any action, suit, prosecution or proceedings againts the Board, a member of the Board, a member of the Investment Panel, a member of a committee established by the Board, and any officer and servant of the Board in respect of any act, neglect or default done or committed by it or him, or any omission by it or him, in good faith in such capacity. Members of the Board, Investment Panel and officers deemed as public servants.
This Part shall apply to each member of the Fund who is not a Malaysian citizen who elects to contribute on or after 1 August A member of the Fund who is not a Malaysian citizen is not authorized to make any nomination under this Act.
In addition to and not in derogation of the provisions under this Part, all other provisions under this Act except for sections 29A, 44A, 53A, 53B, 54 other than subsection 655A other than subsection 258 and 58B shall apply to a member of the Fund who is not a Malaysian citizen. Notwithstanding section 70C, the Board may, in such manner as the Board may prescribe, return to a member of the Fund who is not a Malaysian citizen and who was liable to contribute during the period which commenced on 1 August and ended on 1 Augustall the amount standing to the credit of such member.
Cessation of dividend payments and transfer to Registrar of Unclaimed Money. Notwithstanding subsection 50 2B and section 51, no dividend shall be credited into the account of a member of the Fund who is not a Malaysian citizen if no contribution has been credited into his account after a period of three years from the date of the last contribution was credited, and the Board may transfer all sums of money standing to his account to the Registrar of Unclaimed Money after the expiration of such period.
Powers of Minister to require other person to contribute and declare any payment or remuneration as wages.
EPF – EPF Act – KWSP
Notwithstanding anything in this Act or any other written law, the Minister may by notification in the Gazette. The Board may, in addition to the other duties imposed and powers conferred upon it under this Act, make rules.
Provided that the members of the EPF Board who immediately before the appointed day were appointed as members of the EPF Board shall on that day be members of the Board and shall be subject to all the provisions of this Act relating to such members and shall be deemed to have been appointed under this Act.
Provided that any references therein to the EPF Board unless the context otherwise requires shall be construed as references to the Board, and expressions importing such a reference shall be construed accordingly. Transfer of powers, rights, liabilities and duties. Subject to the provisions of this Act, all deeds, bonds, agreements, instruments and working arrangements subsisting immediately before the appointed day and affecting any of the property transferred under section 78 shall be of full force and effect against or in favour of the Board and enforceable as fully and effectually as if, instead of the EPF Board, or any person acting on behalf of the EPF Board, the Board had been named therein or had been a party thereto.
Provided that the Minister shall not exercise the powers conferred by this section after the expiration of two years from the appointed day. Employers must remit the employee’s contribution share based on this schedule.
Enquiry Should you require further clarification, please contact the following:. The Board shall, on or before the date on which a corporation is established, make regulations in respect of the corporation defining.
Nothing in this Act shall be construed to authorize the Board to establish any corporation for any purpose or object more extensive in scope than the purposes or objects for which the Board was constituted or as conferring on any corporation any right, duty, power or function which is not within the rights, duties, powers or functions of the Board under this Act.
Subject to the provisions of this Act, and of any regulations made under section 71, regulations made under paragraph 1 shall be binding on the corporation in respect of which they were made and shall have effect for all purposes under this Act. The Board shall keep a register in the prescribed form of all corporations and such register together with copies of all regulations made under paragraph 1 shall be open to public inspection at such places and at such times as the Board may determine.
Every corporation shall be a body corporate by such name as the Board shall give to such corporation and shall have perpetual succession and a common seal and may sue and be sued in such name, and for the purpose of effecting the purposes and objects for which it was established, may enter into contracts and hold and deal in or with any movable or immovable property and may do all other matters and things incidental or appertaining to a body corporate not inconsistent with the provisions of this Act and subject to such restrictions or limitations as may be prescribed by the Board.
Section 2 Interpretation 2. Provided that such scheme shall cease to be an approved fund upon the Minister declaring that it shall cease to be so; “Board” means the Employees Provident Fund Board established under section 3; “Chairman” in relation to the Board includes the Deputy Chairman; “loan” includes financing in accordance with Shariah; [ Ins.
Act A ] “prescribed by the Minister” means prescribed byregulations made under this Act; [ Ins. Act A, A, A, A Section 4 Membership of the Board 4. Section 5 Alternate members 5. Section 6 Tenure of office 6. Section 7 Resignation and revocation 7.
Section 8 Vacation of office 8.
A member of the Board shall be deemed to have vacated his office- a upon his death; or b upon his failure to attend three consecutive meetings of the Board without the permission of the Chairman.