KUALA LUMPUR: The Employees Provident Fund (EPF) said a statement on the maximum age of contributors receiving dividend payment that is making its rounds in the social media platforms including WhatsApp is fake.
What is being circulated is that the maximum age for EPF dividend payment is 75 years old, is an old statement and as such is no longer applicable.
"Members will continue to earn dividends for the remaining portion of their EPF savings up to age 100.
"This has been announced in one of our media statements on November 3, 2016, and it took effect on January 1, 2017, said the EPF in a statement today.
The federal statutory body said the cap was introduced following the amendment to the EPF Act 1991.
"The amendment was to ensure that members who choose to maintain a portion of their savings with EPF after their retirement will continue to benefit from the compounding effect of annual dividends until their savings have been fully withdrawn.
"We will then inform our members before transferring any unclaimed savings when they reach 100 years of age.
"Any claim after the transfer can be made through the Registrar of Unclaimed Monies," the fund said.
EPF is also urging its members to be cautious of misleading or unsubstantiated information received through social media platforms and refrain from circulating them.
"Our members are advised to always verify the source and date of the information obtained.
"We encourage our members to refer to our official communication channels to ensure and verify the accuracy of any information they received".
Members of the public can visit EPF's website at www.kwsp.gov.my or call their contact management centre at 03-8922 6000.