Latest news with #EmployeesProvidentFund
India Today
3 days ago
- Business
- India Today
EPFO 3.0 to launch with UPI integration and ATM withdrawals: Launch date, features and all you need to know
Employees Provident Fund (EPF) members are in for a big breather in terms of ease of use and convenience from June of this year. A major digital overhaul is on the cards for India's retirement savings system as EPFO prepares to launch its next-generation platform, EPFO 3.0, starting on June 1, 2025. With over 9 crore active members, the organisation is now set to make provident fund access easier, faster, and more in sync with the digital upgrade comes on the heels of Union Labour and Employment Minister Mansukh Mandaviya's earlier statement confirming that the rollout would take place between May and June 2025. The new platform marks a significant shift in how EPF services are delivered. It is backed by a modern IT infrastructure aimed at reducing paperwork and manual processing. Let's dive deeper into the details of the upcoming 3.0: Launch dateStarting June 1, 2025, a wave of important financial changes are set to roll out across India, bringing updates that will affect everything from personal savings to credit card regulations and access to provident fund accounts. At the heart of these developments is the much-anticipated launch of EPFO 3.0, EPFO's newly upgraded digital platform. Designed to make the system more user-friendly and efficient, EPFO 3.0 will be rolled out on June 1, Aside from the EPFO update, June will bring a number of other financial changes. Major banks such as HDFC, Axis Bank, and Kotak Mahindra Bank are tweaking credit card rules, while consumers must also keep an eye on upcoming deadlines for Aadhaar updates, TDS certificate issuance, and special FD scheme 3.0 upcoming featuresUPI and ATM withdrawals: One of the most anticipated features of EPFO 3.0 is the introduction of ATM-like access to EPF funds. At present, withdrawing money from your Provident Fund (PF) account typically means filing an online claim and then patiently waiting for approval from an EPFO field office — a process that can often stretch over several days, if not weeks. But that's all set to change. With the introduction of UPI integration and ATM-based withdrawal facilities, the entire process is about to become far quicker and considerably more the new system, members of the Employees' Provident Fund Organisation will no longer need to endure lengthy delays. Instead, they'll be able to access up to Rs 1 lakh almost instantly. Additionally, they'll be able to transfer funds to their bank accounts on the spot, bypassing the usual claim-processing essence, the days of cumbersome withdrawal procedures are correction: Another major advantage of the upgraded system is the shift to digital self-service options. Members will now be able to update account details such as their name, date of birth, or contact information online, without having to submit forms or visit an EPFO support these updates securely, the new system will feature OTP-based verification, streamlining the process and ensuring data accuracy with minimal addition, the EPFO is introducing a revamped grievance redressal system to handle complaints more efficiently. With a digital interface and better tracking, the new mechanism is expected to deliver quicker resolutions and reduce frustration among with other schemes: EPFO 3.0 is also being positioned as a gateway to wider social protection, with plans to integrate other government schemes such as the Atal Pension Yojana (APY) and Pradhan Mantri Jeevan Bima Yojana (PMJJBY). This integration could significantly benefit workers in the unorganised and informal sectors, bringing multiple financial safety nets under one platform.
New Straits Times
3 days ago
- Business
- New Straits Times
More senior citizens find fulfilment as Grab driver-partners
MANY retirees are looking beyond traditional retirement to stay active, supplement their income and remain socially connected. For some, joining Grab as a driver-partner has emerged as a viable path. With Malaysia expected to become an ageing nation by 2030, Grab continues to recruit senior citizens, aiming to provide them with flexible work opportunities that offer both financial stability and social interaction. FLEXIBILITY AND DIGNITY For 68-year-old Yep Sai Kau, also known as Uncle Yep, retirement was not as relaxing as he had imagined. After spending over 40 years in the insurance industry, he found life at home increasingly difficult. "After six months of doing nothing, I started feeling unwell, with frequent headaches and dizziness. My son told me, 'Dad, you're not the type who can sit still.' So, I looked for something to keep myself occupied," he said. In 2017, Yep joined Grab. He appreciated that he could choose his own hours, earn a decent income, and avoid the rigid structure of a full-time office job. "With Grab, if I earn RM100 a day, that's about RM3,000 a month. I drive from 7am to 3pm, then rest. If I want to take a day off, I just do it," he explained. Now in his sixth year with Grab, he says the job has given him more than just income. "Some customers even give me biscuits or tips. I keep sweets in my car for the children. Seeing them happy makes me happy too," he added. FINANCIAL RELIEF Baharudin Wahab, 64, a former Employees Provident Fund (EPF) officer from Kedah, faced similar challenges after retiring in 2021. "The first two weeks were fine, but by the third week, I started feeling lonely. I still had two children in university. One has a scholarship, but the other relies on me," he said. He considered other roles, including lecturing, but ultimately chose Grab for its flexibility and income potential. "I didn't want to be tied down to a strict schedule after 30 years in the workforce. "With Grab, I can make around RM4,000 a month gross, which covers my children's tuition and our daily expenses. The best part is, I don't have to touch my EPF savings," he added. SUPPORTING ELDERLY DRIVERS Beyond flexibility, Grab offers a range of benefits that senior citizens can rely on. For example, they can enjoy access to GrabBenefits, which is a specially-designed benefits programme available to all Grab driver-partners, also known as Rakan Grab. Here, they can enjoy medical discounts, fuel rebates and vehicle maintenance packages that help reduce costs, among other perks. For those without a car, Grab's vehicle rental partners offer options that allow driver-partners to start driving without large upfront investments. "Even if you can't afford a car, you can still rent one. You don't have to drive long hours. Just go at your own pace," Yep said. Grab also places a strong emphasis on safety and well-being. Features such as real-time trip monitoring and emergency support help give peace of mind to older drivers and their families. Drivers can also share their live location with loved ones and access 24/7 assistance if they feel unsafe during a ride. "If I stop for too long, Grab checks in to make sure I'm okay. That's very reassuring," Yep added. Both drivers have reported an enriched experience thanks to a renewed sense of purpose and community. Yep shared a particularly moving experience: "I once picked up a disabled passenger who had to lie down during the ride. After I helped him into the car and dropped him off at the hospital, he hugged me and cried, saying I reminded him of his father. I didn't charge him. I just felt grateful I could help." For Baharudin, the job is also therapeutic. "It's not just about money. Driving keeps me active, mentally and physically. "You meet people, see the outside world, and time passes quickly. Sitting around doing nothing only invites illness," he said. OPENING DOORS FOR SENIORS As more retirees look for ways to remain independent, Grab offers a realistic solution with no age discrimination, low entry barriers and a strong support ecosystem. For instance, Grab fully subsidises onboarding costs for Grab driver-partners, which means zero cost to start driving with Grab, subject to terms and conditions. Subsidised items include PSV training and license fees, medical checkups, as well as e-hailing vehicle permit (EVP) and Puspakom fees. These come in addition to the perks previously mentioned, such as fuel rebates, vehicle rentals and maintenance packages. "Many of my friends are now driving for Grab. Even if you can't afford a car, you can still rent one. You don't have to drive fast or take long hours. Just go at your own pace," Yep said.
New Straits Times
4 days ago
- Business
- New Straits Times
OSK, EPF JV in Melbourne sees strong sales
KUALA LUMPUR: OSK Holdings Bhd reported a 67 per cent take-up rate for Phase 2 of BLVD, a high-rise residential tower in Melbourne Square (MSQ), developed in partnership with the Employees Provident Fund (EPF). Sales efforts for Phase 1 are ongoing, while profits from Phase 2 are expected upon handover in early 2027. OSK, in its corporate results statement, said its property development division continues to be a key growth driver, with upcoming launches progressing as planned. The group remains focused on hitting construction milestones and controlling costs to ensure timely delivery and sustained profitability. For the first quarter ended March 31, 2025 (Q1 2025), OSK posted a 9 per cent year-on-year increase in revenue to RM400.6 million. Pre-tax profit remained steady at RM140 million, supported by its diversified business portfolio. Group executive chairman Tan Sri Ong Leong Huat noted that the group's diversified model has enabled it to sustain earnings despite ongoing economic challenges. The property segment contributed RM188.5 million in revenue and RM31.2 million in pre-tax profit, down from RM204.7 million and RM36.9 million, respectively, in Q1 2024, mainly due to the absence of a high-margin project. As of March 31, 2025, unbilled sales stood at RM1.2 billion, reflecting strong demand and a low level of unsold completed units. OSK's land landbank totals 2,083 acres, with an estimated gross development value (GDV) of RM17.7 billion across key locations in the Klang Valley, Kedah, Penang, Negeri Sembilan, and Melbourne. The property investment division continues to deliver consistent income from its office and retail leasing portfolio. Meanwhile, the hospitality segment posted RM23.4 million in revenue for Q1 2025, with a pre-tax loss of RM1.5 million, compared to RM24 million in revenue and a RM0.7 million loss a year earlier. The wider loss was attributed to refurbishment works at Swiss-Garden Beach Resort Kuantan, which temporarily impacted F&B and event revenues. The Phase 2 refurbishment is expected to be completed in Q2 2025, aimed at enhancing guest experiences and expanding event capabilities. Recently rebranded hotels, DoubleTree by Hilton Damai Laut Resort and Holiday Inn Express & Suites Johor Bahru, are also expected to strengthen their market positions in the hospitality sector. Ong noted that Malaysia's tourism outlook is upbeat, supported by extended visa-free travel for Chinese and Indian tourists until December 2026, which is expected to drive growth in both leisure and business travel. "With the strength of our diversified portfolio, we are confident of delivering satisfactory results for the remainder of 2025," he said.
Barnama
5 days ago
- Business
- Barnama
- Young Malaysians, Big Money Mistakes: What's Going Wrong With Islamic Financial Behaviour?
Opinions on topical issues from thought leaders, columnists and editors. But here's the twist: despite this impressive progress, many Malaysians, especially the younger generation, still struggle when it comes to managing their money wisely and in line with Islamic principles. Malaysia has come a long way in promoting financial inclusion. With more than 96 per cent of adults now having access to formal financial services, up from just 46 per cent in 2011, the country is often praised as a model in Southeast Asia. Moreover, while insurance penetration in Malaysia has reached 40 per cent, family takaful participation lags at only 20 per cent, raising questions about why many Muslims hesitate to adopt Syariah-compliant financial products. Recent reports highlight the nation's inadequate retirement savings, with nearly half of Employees Provident Fund (EPF) members under 55 holding less than RM10,000 in their accounts. Rising living costs, slow wage growth, and limited financial literacy worsen the problem, leaving many individuals financially vulnerable despite broad financial inclusion. While Malaysia has made remarkable progress in expanding access to financial services, a worrying mismatch remains: many Malaysians, especially younger ones, face serious personal financial challenges. A recent study has peeled back the layers of this issue, focusing on university students in Malaysia, and uncovered some surprising truths about what really drives Islamic financial behaviour. It turns out that it's not just about knowing the rules of Islamic finance; confidence and family influence play a much bigger role than many of us might expect. These gaps point to a deeper need to understand and improve Islamic financial behaviour among Malaysia's young adults. Why Financial Literacy Alone Isn't Enough Conventional wisdom tells us that the more you know, the better you do. But this new research challenges that idea, at least when it comes to money. The study, which surveyed university students across different higher learning institutions, looked at how factors like Islamic financial literacy, parental financial socialisation, financial risk attitude, and financial self-efficacy shape financial habits. Surprisingly, Islamic financial literacy, the understanding of key Islamic finance concepts such as riba (interest), halal investments, and Syariah-compliant banking, wasn't the strongest predictor of good financial behaviour. 'This finding really caught us off guard,' said one of the researchers. 'We've always assumed that knowledge is power, but in this case, knowledge alone wasn't translating into action.' So, if simply knowing the dos and don'ts of Islamic finance isn't enough, what makes the real difference? The Big Impact of Parental Influence One of the standout findings was the power of parental financial socialisation. In simpler terms, how parents teach and model financial behaviour for their children. Students who reported that their parents regularly talked about money, showed them how to save, and demonstrated ethical financial habits were much more likely to manage their finances in ways that align with Islamic principles. 'This really reinforces the idea that financial habits are shaped at home,' the study noted. 'When parents openly discuss budgeting, saving, and responsible spending, they're not just passing on knowledge, they're instilling values and habits that stick.' Indeed, one student shared, 'My parents always taught me to avoid debt and to save for big purchases. I've carried those lessons with me, and they guide how I manage my money now.' The takeaway here is clear: if we want to raise a generation of financially responsible adults, it's crucial to start young, and that starts at home. Confidence is Key Another major finding of the study was the role of financial self-efficacy, that is, a person's belief in their ability to manage their own finances effectively. Students who felt confident about budgeting, saving, and making smart financial decisions were far more likely to actually do those things. This echoes what many financial planners have observed: confidence breeds action. 'When people believe they can handle their finances, they're more likely to take proactive steps, whether it's starting a savings plan or investing in halal financial products,' said one financial advisor familiar with the study's findings. Interestingly, this sense of self-efficacy appeared to have a stronger impact than even financial knowledge. 'It's not just what you know; it's whether you believe you can put that knowledge into practice,' the researchers explained. Risk Attitude: Less Important Than Expected The study also looked at financial risk attitude, which measures how willing someone is to take risks with their money. In the world of conventional finance, risk tolerance is often seen as a key driver of investment and spending behaviour. But in the Islamic finance context, where ethics, compliance, and risk-sharing are emphasised over speculative risk-taking, risk attitude played a much smaller role than expected. This makes sense when you consider that Islamic finance principles discourage high-risk speculation (gharar) and prohibit interest-based transactions (riba). As a result, ethical and religious considerations may outweigh personal risk preferences when it comes to making financial decisions. What Does This Mean for Malaysia's Financial Future? So, what can we learn from all of this? For one, financial education campaigns need to go beyond simply teaching the rules of Islamic finance. 'We have to focus on building students' confidence and involving their families in the process,' one of the researchers suggested. 'It's about creating a culture of good financial habits, not just delivering information.' There's also a role for universities and financial institutions. Offering workshops that involve both students and their parents could help reinforce positive financial behaviours. Likewise, programmes that focus on practical, hands-on financial skills, like how to set a budget or choose a Syariah-compliant investment, could help build that all-important financial self-efficacy. For policymakers, these findings offer a roadmap for improving financial inclusion in a way that's meaningful and sustainable. It's not enough to get people through the door of a bank or a takaful office; the goal should be to empower them with the skills and confidence they need to make sound financial decisions for life. The Bigger Picture At a time when many Malaysians are worried about their financial security, whether it's a lack of retirement savings or rising living costs, these insights couldn't come at a better moment. The study's findings highlight that while knowledge is essential, it is confidence and early family influence that often set the course for a lifetime of financial well-being. In the words of one student participant: 'I've attended financial literacy talks before, but what really helps is seeing my parents budget every month and learning to do it myself. That's what makes it real.' Ultimately, the message is clear: to foster better Islamic financial behaviour among young Malaysians, we need a combined effort, one that involves families, builds confidence, and offers not just knowledge, but the tools and mindset to act on it. -- BERNAMA Dr Mohd Faizuddin Muhammad Zuki ( is Senior Lecturer at the Islamic Business School, Universiti Utara Malaysia. Muhammad Arif Fadilah Ishak (ariffadilah@ is Lecturer at the Faculty of Quranic Science, UCYP University. Muhammad Hafiz Hassan (muhammadhafiz@ is Lecturer at the Faculty of Muamalat & Islamic Finance, Universiti Islam Antarabangsa Tuanku Syed Sirajuddin.
The Star
6 days ago
- Business
- The Star
MyLabourHub aims to support smarter, data-driven decisions, says DOSM
PUTRAJAYA: Whether tackling job mismatches or choosing where to settle after marriage for better economic prospects, the Statistics Department's (DOSM) Malaysia Labour Market Data Hub (MyLabourHub) platform aims to support smarter, data-driven decisions. Officiating the launch of the platform at DOSM headquarters here on Tuesday (May 27), chief statistician Datuk Seri Dr Mohd Uzir Mahidin said this marks a significant leap in the country's efforts to strengthen data-driven policymaking and empower the workforce. 'MyLabourHub is more than just a portal, it is an intelligent platform that integrates data, institutions and technology to provide labour market information that is current, accurate and accessible to all stakeholders. 'It also offers a wide range of key functions, including a labour market analysis platform that provides a comprehensive picture of employment trends, wage levels and skills requirements that align with the current employment environment,' he said, adding that the platform was built internally by DOSM. Mohd Uzir said the platform adopts a whole-of-nation approach to support inclusive and sustainable growth and talent development, designed to serve a wide range of stakeholders including policymakers, industry players, training institutions and the public. 'It allows users to explore employment trends by skill level, sector and geographic location with data updated monthly, quarterly and annually. 'This initiative goes beyond just statistics. It's about empowering the people, businesses and policymakers with accessible and understandable data. 'Even parents can use this to guide their children in choosing future careers,' he said. Mohd Uzir said the platform supports comprehensive time-series analysis, enabling policymakers to track progress on employment strategies, wage growth and labour demand in alignment with Malaysia's socio-economic goals. 'We provide data down to the district level with over 100 districts to support targeted policy implementation,' he said, adding that the platform is complementary to OpenDOSM, which has earned global recognition. Mohd Uzir said the platform, among others, will help improve labour market efficiency and information flow among employers, job seekers and training providers, reduce job search costs through better access to data and support the transformation of the education system in line with industry needs. He said the platform has more than 100 key indicators across eight labour market themes such as labour supply and demand, graduate statistics, micro, small and medium enterprises, Sustainable Development Goals and others. Among its key features are the integration of over 60 major labour market indicators and with administrative data from 40 ministries and agencies, including Employees Provident Fund, Social Security Organisation, Accountant General's Department, Public Service Department and Higher Education Ministry. 'It also features Kayra-GPT, a generative AI-powered digital assistant that enables quick and user-friendly labour market information search,' he said. In addition to MyLabourHub, DOSM will roll out an agriculture-specific dashboard TaniStats on Thursday (May 29), he added. keywords:
