Tag Archives: Retirement

Why viral warning on New EPF Nominee Rules is fake news!

Find out why the viral warning on the new EPF (KWSP) Nominee rules is really fake news, and warn your family and friends!

Claim : New EPF Nominee Rules Will Channel Money To Amanah Raya!

This warning about new EPF (KWSP) Nominee rules has gone viral on WhatsApp recently:

Forward as received

Malaysian pls read:

NEW EPF RULES

If ONE (1) of your Nominees in the EPF Nominees list dies, automatically the whole arrangement (EPF Nominees list) is VOID ..

Meaning if, you only put in One (1) name & unfortunately he/she dies before you – automatically EPF will channel your EPF money to trustee of AMANAH RAYA upon your death.

Even though if you have few names in the EPF Nominees list, – the whole arrangement is VOID & none of the individual names left in the EPF Nominees list will get their portion & automatically EPF will channel your EPF money to trustee of AMANAH RAYA upon your death.

Piece of advice – if any of the your Nominees in the EPF Nominees list dies, please do immediately approach the nearest EPF counter & present the Death Certificate of the individual & register your NEW / LATEST Nominee in the EPF Nominees list + NEW / LATEST percentage .

If, you & the other party (maybe spouse) involved in the same misfortune (accident / illness) that caused death to both yourself / spouse please, please alert your siblings / relatives / parents to immediately approach the nearest EPF counter & share the information within 3 days to AVOID all EPF money to be surrendered to trustee of AMANAH RAYA .

Upon surrender to trustee of AMANAH RAYA, your children will have to battle the money thru 3 channels;

Majlis Agama
Pejabat Tanah
Mahkamah

The normal period via above 3 channels usually takes 2-3 years (except if you have inside/tip top connection) at Amanah Raya.

CHOOI & CO
Advocates & Solicitors
(Editor: address removed)
GEN Tel: (Editor: phone number removed)

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Truth : New EPF Nominee Rules Will Not Channel Money To Amanah Raya!

This is yet another example of fake news circulating on WhatsApp, and here are reasons why…

Let me start by pointing out that the Employees Provident Fund (EPF / KWSP) has publicly refuted the viral warning.

The EPF emphasises that the information in the chain email is NOT TRUE.

I will now go through the claims, and share with you what EPF / KWSP has said about those allegations:

Whole EPF Nominee List Is Void When A Nominee Dies?!

False. EPF clearly states that it is not true that your nominee list is deemed void whenever one of your beneficiaries die.

If an EPF member nominates more than one beneficiary, and one of them dies, then only the portion bequeathed to that deceased beneficiary will be invalid.

If the EPF member dies without updating his/her EPF nominee list, the surviving beneficiaries will receive their portions accordingly.

Meanwhile, the portion bequeathed to the deceased beneficiary will be subject to procedures under “EPF savings without nomination”, where the priority for the right to claim shall go to the next of kin or appointed administrator in charge of your estate.

Your EPF Money Goes To Amanah Raya If No Beneficiary?!

False. If an EPF member nominates a single beneficiary, and the beneficiary dies, the nomination is void unless a new beneficiary is nominated. However, if the EPF member dies without nominating a beneficiary (or the sole beneficiary has died), the following conditions apply:

If the member has less than RM25,000 in his/her EPF Account, the initial sum of RM2,500 will be paid to his/her next of kin. The balance will be paid two months after the member’s death.

If the member has more than RM25,000 in his/her EPF Account, the initial sum of RM2,500 will be paid to his/her next of kin. The second payment (not more than RM17,500) will be paid to the next of kin two months after date of death. The balance of the savings will be paid upon submitting the Letter of Administration / Grant of Probate / Distribution Order / Faraid Certificate from estate administrators such as Amanah Raya Berhad or the Court or the Land Office.

For Muslim members, the Faraid Law will apply, in which case the beneficiary will act as an administrator or “wasi” who will be responsible for distributing the savings in accordance to the Faraid Law.

You Must Produce Death Certificate To Change Nomination?!

False. EPF members do not need to produce the death certificate of a deceased beneficiary to change their nomination.

EPF members can change or update their nomination at any time, by completing a new KWSP 4 Form. This will automatically revoke any earlier nomination made.

Family Members Must Go To EPF Counter Within 3 Days?!

False. The family of EPF members who happen to die together with their nominees do not need to go to the EPF counter within 3 days, to prevent their savings from being “surrendered to Amanah Raya”.

EPF will disburse the money as if the EPF member died without nominating a beneficiary (see above).

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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

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Is Kate Middleton Planning To Retire From Royal Duties?!

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Is Kate Middleton planning to retire from her royal duties after undergoing abdominal surgery?!

Take a look at the viral claim, and find out what the facts really are!

Claim : Kate Middleton Plans To Retire From Royal Duties!

People are sharing a Music Mundial article (archive) which claims that Kate Middleton is planning to retire from her royal duties after undergoing abdominal surgery!

Kate Middleton is reportedly planning to retire from her royal duties due to the pressures of royalty

The Princess of Wales would be tired of having a public life as a royal

Among the recent controversies in the British monarchy, it was also revealed that Kate Middleton is reportedly planning to retire from her royal duties due to the pressures of royalty during her recovery process after she underwent abdominal surgery.

According to recent reports, the Princess of Wales shook her marriage to Prince William after living a “desperate struggle with the constant pressures of life in the royal fishbowl, which has clearly taken a terrible toll on her physical and mental health“.

Following Kate’s abdominal surgery, she spent a month and a half away from public duties, which “only strengthened her resolve to quit“. For his part, given the situation, “William is beside himself over her decision” and he is also concerned that “she’s become emotionally unstable“.

Kate Middleton “knew when she married William her life would change forever, but never in her wildest dreams thought it would be this intense!“. Over the years, she has been “painted the villain, a racist” and that is the reason she “wants to retreat“.

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No Evidence Kate Middleton Plans To Retire From Royal Duties!

This appears to be nothing more than celebrity rumour created to generate page views, and here are the reasons why…

Fact #1 : Rumour Started At The National Enquirer

Let me start by pointing out that the rumour appears to have started at The National Enquirer, the infamous tabloid that falsely reported that Kate Middleton was pregnant with twins! The rumour was then posted by Radar Online:

While Kate reportedly hasn’t officially decided, the 42-year-old keeps pushing back the date when she’ll return to public life.

“Kate’s desperate struggle with the constant pressures of life in the royal fishbowl has clearly taken a terrible toll on her physical and mental health,” a senior palace source told the National Enquirer.

“She spent weeks staying out of the public eye after her operations — and it’s only strengthened her resolve to quit,” the source added.

“William is beside himself over her decision,” the source told the outlet. “He’s stunned his wife could ever consider such a move.”

“He made sure she knew what she was getting into when she married him and she’s done a brilliant job,” the source continued. “He’s concerned she’s become emotionally unstable, but she insists she’s finally seeing clearly!”

Interestingly – no one else has been able to corroborate this new claim by The National Enquirer. Neither royal experts, or reputable media outlets. Not even other tabloids!

Fact #2 : Kate Middleton Should Start Royal Duties By Easter

Instead, palace sources refuted those claims, stating on 12 March, that Kate Middleton is “recovering well and will be back by Easter“. That’s just over 2 weeks away – on March 31.

Another palace source also told US Weekly that the Princess of Wales is “extremely eager to get back to work“:

Kate’s extremely keen to get back to work. This has been one of the most challenging months for Kate as a royal, and she’s praying the fuss [over the Mother’s Day photo] dies down as soon as possible.

Kensington Palace had earlier stated, back in January, that the Princess Catherine would only return to public life after Easter. So, it appears that the Kate Middleton is eager to return to royal duties, and is not trying to delay her return to public life.

But whether the Princess of Wales starts working by the end of this month, or in April, multiple sources have indicated clearly that Kate Middleton fully intends to return to her royal duties.

Again, no one has been able to actually show any evidence Kate Middleton intends to retire from royal duties.

In fact, the UK Ministry of Defense announced on March 5, that the 2024 Trooping the Colour would be “reviewed by Her Royal Highness the Princess of Wales” on June 2024. It was another indication she fully intends to return to royal duty.

That post, and related information, were removed the next day though, probably because they preceded the official announcement by Kensington Palace that the Princess of Wales was officially returning to her royal duties.

Fact #3 : Kate Middleton Posted The Mother’s Day Photo

Let us not forget (even though she probably wished it never happened!) that Princess Catherine posted that infamous Mother’s Day photo that Prince William took on his Canon camera, which she later edited.

Princess Catherine even posted the photo with her personal message (indicated by her C sign-off):

Thank you for your kind wishes and continued support over the last two months.

Wishing everyone a Happy Mother’s Day. C

That is not the sign of someone who wants to leave the (harsh) limelight of royal duties and public life. If Princess Catherine wanted to retire, as some have claimed, she would not have bothered to have that photo taken, never mind actually edit the photo herself, and then post it with a personal message!

Instead, it appears that the couple decided to post that informal photo and message to reassure the public that the Princess of Wales was recovering well, and would soon be returning to public life.

Thank you for your kind wishes and continued support over the last two months.

Wishing everyone a Happy Mother's Day. C

📸 The Prince of Wales, 2024 pic.twitter.com/6DywGBpLLQ

— The Prince and Princess of Wales (@KensingtonRoyal) March 10, 2024

Fact #4 : Kate Middleton Is An Adult

Let me just end by pointing out that Princess Catherine is an adult. She’s 42 years-old, and the mother of three children. No one can force her to return to royal duties if she doesn’t want to.

If she wants to retire from her royal duties, she will do so, regardless of what the British royal family wants. What are they going to do if she refuses? Bound and gag her and push her out with a smiley face mask???

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Support my work through a bank transfer / PayPal / credit card!

Name : Adrian Wong
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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

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EPF “Flexible” Account 3 : What We Know So Far!

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What exactly is the EPF “flexible” Account 3, and how does it affect your retirement plans? Here is what we know so far…

EPF Account 3 To Be Implemented In April 2024

When Prime Minister Anwar Ibrahim tabled the 2024 Budget on 13 October 2023, he also announced that the government will introduce a flexible EPF account, which would allow people to withdraw their retirement savings immediately.

On 21 November 2023, the Deputy Finance Minister I, Datuk Seri Ahmad Maslan, announced that the “flexible” EPF Account 3 will be implemented in April 2024:

EPF will announce its dividend in February 2024, and the Finance Ministry will then announce a detailed plan on the flexible account. The third account will be implemented starting from April next year.

EPF Chief Executive Officer Datuk Seri Amir Hamzazh Azizan said that it is fine-tuning details of the “flexible” third account:

We are looking at all possibilities, whether it (withdrawals) is free for all or whether it should be guided.

The concept at the moment is to have a flexible account because we have learned during Covid that sometimes there would be circumstances that make it difficult to go from day to day.

EPF “Flexible” Account 3 : What We Know So Far!

Here is what we know so far about the EPF “flexible” third account, or Account 3:

EPF Account 1 Won’t Be Affected

Currently, EPF contributions are divided into two accounts:

Account 1 : 70% of monthly contribution
Account 2 : 30% of monthly contribution

EPF chief strategy officer, Nurhisham Hussein, said in July 2023 that the percentage of contribution for the proposed “flexible” Account 3 has yet to be determined, but would be about 5% to 10% of the monthly contribution.

He also said that Account 1 would remain with its 70% contribution, and that contribution to Account 2 would be reduced instead, to fund Account 3. When implemented, the ratio would look something like this:

Account 1 : 70% of monthly contribution
Account 2 : 20% to 25% of monthly contribution
Account 3 : 5% to 10% of month contribution

EPF Account 3 Will Apply To All

When introduced, Account 3 will apply to all EPF contributors. This was confirmed by Deputy Finance Minister I, Datuk Seri Ahmad Maslan, on 24 October 2023.

It can be accessed by all members, be they from the B40, M40 or T20 groups.

EPF Account 3 Will Have Lower Dividend

While there was speculation that the flexible Account 3 would have no dividend, EPF chief strategy officer Nurhisham Hussein, dispelled that notion on 11 July 2023.

However, the proposed EPF Account 3 is expected to have a lower dividend rate when implemented. The lower dividend rate has not been revealed.

You Can Transfer To Account 1/2

The lower dividend rate for Account 3 will be a real concern for contributors who want to save for their retirement, and do not plan to withdraw their savings early.

Even a small reduction in the dividend rate will make a big difference, because of the snowball effect of compound interest over time.

Fortunately, Nurhisham said that members will have the option to transfer their Account 3 savings into Account 1 or Account 2, if they prefer to avoid the lower dividend rate.

Hopefully, this can be implemented with a single opt-in registration, and would not require the money to be transferred on a monthly basis.

EPF Account 3 Will Offer Immediate Withdrawals

In the past, contributors can request to withdraw from their Account 2 to fund certain large purchases:

To pay for education
To purchase or build a house
To pay for a housing loan
To cover medical expenses

Unlike Account 2, the proposed “flexible” third account will function like a savings account, and allow contributors to withdraw, as and when they wish.

EPF Accounts To Be Renamed

When EPF introduces Account 3, it will also introduce new names for the three accounts, to better reflect their purposes:

Account 1 : Retirement Account
Account 2 : Value-Added Account
Account 3 : Flexible Account

The renaming will help people better understand the use and purpose of each account.

Recommended : Can You Get Free Cash Via MyKasih App?!

EPF “Flexible” Third Account : Is It Useful?

Personally, I feel that the EPF “flexible” Account 3 is like swatting an elephant with a lidi stick.

EPF contribution amounts to 23% to 24% of your monthly salary. Even if Account 3 receives 10% of that contribution, that amounts of just 2.3% to 2.4% of your monthly salary.

Account 3 is targeted at the informal sector workers, many whom earn minimum wage or close to it. Let’s say you earn RM3,000 a month – TWICE the minimum wage of RM1,500.

Your Account 3 will only receive RM72 a month.
After 1 year, your Account 3 will only have RM864.

As you can see – that is not a lot of money, even for people who earn twice the minimum wage. Yes, it is better than borrowing money from loansharks, but the small percentage that funds Account 3 means you don’t really have much to work with.

On top of that, you are actually “losing” money even if you don’t actually withdraw any money. Parking all the money in Account 3 will garner lower dividends. It may be small, but the difference snowballs over time because of compound interest.

As it is, EPF announced in mid-November 2023, that some 48% of its contributors – 6.3 million people – have less than RM10,000 in their accounts!

If you can afford it, you should transfer all money stored in the “flexible” third account, to Account 1 or Account 2, when this scheme is implemented.

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Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

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Did Miley Cyrus Officially Retire From Performing Live?!

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Did Miley Cyrus just announce that she is officially retiring from performing in live concerts?!

Take a look at the viral claim, and find out what the facts really are!

Claim : Miley Cyrus Announced She’s Officially Retiring From The Stage!

People are sharing a Music Mundial article which claims that Miley Cyrus just announced that she is officially retiring from performing in live concerts!

Here is the viral Music Mundial article. Please feel free to skip to the next section for the facts!

Miley Cyrus announces that she is officially retiring from the stage

Miley Cyrus was involved in a recent controversy for not announcing a world tour after the release of her latest album, now the American singer confirmed to fans through the networks that she is retiring from the stage to take care of herself.

During the promotions of her most recent project ‘Endless Summer Vacation‘, the famous singer gave an interview where she revealed that she did not plan to go on a world tour for the new musical release, getting her fans to create controversy for not knowing the reason for this decision.

Therefore, the also actress shared a few words to her fans through her Instagram account where she explains her reason and reveals that although she does not plan to go on a world tour so far, she currently feels more connected with her fans.

Although Cyrus stated in her statement that she was retiring from concerts on a world tour for her most recent album, the singer left her fans with the small possibility that this could happen in the future, however it was not confirmed.

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Truth : Miley Cyrus Did Not Announce She’s Officially Retiring From The Stage!

This is yet another example of celebrity FAKE NEWS created by Music Mundial to generate page views, and here are the reasons why…

Fact #1 : Miley Cyrus Did Not Announce Her Retirement

Music Mundial claimed that Miley Cyrus announced that she’s officially retiring from the stage. That’s utter nonsense. Miley Cyrus never announced her official retirement from performing in live concerts.

The claim appears to be based on a May 18 article by British Vogue, in which Miley Cyrus spoke about her years-long hiatus since her last major tour in 2014. She told British Vogue she no longer desired performing on stage.

After the last [headline arena] show I did [in 2014], I kind of looked at it as more of a question. And I can’t.

Not only ‘can’t’, because can’t is your capability, but my desire. Do I want to live my life for anyone else’s pleasure or fulfilment other than my own?

If you read the interview, you can see that Miley Cyrus never announced anything, or said that she was retiring from performing live.

Fact #2 : Miley Cyrus Issued Clarification On May 23

It is peculiar that Music Mundial would claim on June 3 that Miley Cyrus announced her retirement from the stage, when the singer posted a clarification 11 days earlier, that left the possibility open.

On May 23, 2023, Miley Cyrus confirmed that she has no plans for a major tour, and explained that she simply did not want to spend weeks of her life “on the road”. She also pointed out that she is always changing, which meant that she is still open to the possibility of performing live again.

For clarity I feel connected to my fans NOW more than ever. When I win, WE win.

Even if I don’t see them face to face every night at a concert, my fans are felt deeply in my heart. I’m constantly creating and innovating new ways that I can stay connected to the audience I love – without sacrificing my own essentials.

Performing for YOU has been some of the best days of my life & we will continue this journey together as we have for the last almost two decades. This has nothing to do with a lack of appreciation for the fans & everything to do with I simply don’t want to get ready in a locker room. Which is the reality of life on the road.

These looks I’ve been turnin don’t travel well. The archival looks don’t fold. I just don’t want to sleep on a moving bus. It isn’t what’s best for me right NOW, & if you’ve been following my career you know that I always change and the way I feel about that could too. Love you forever, I’m just on my Endless Summer Vacation.

Fact #3 : Miley Cyrus Last Performed In 2022

While Miley Cyrus said that her last show was in 2014, she was actually referring to her last major tour – the Bangerz Tour, with 78 concerts in 2014. After Bangerz, Miley Cyrus actually held two smaller tours:

Milky Milky Milk Tour – just 8 shows in North America, November-December 2015
Attention Tour – just 5 shows in South America, March 2022

Even though Miley Cyrus is no longer sure she can handle a major tour with dozens of shows globally, she appears to be okay with limited run concerts.

Fact #4 : This Is Just Music Mundial Fake News

Music Mundial did not offer any evidence to back up its claim that Miley Cyrus announced that she is officially retiring from the stage.

This appears to be nothing more than yet another example of celebrity fake news posted by Music Mundial. Here are examples of Music Mundial fake news that I looked into:

Everything Music Mundial posts should be considered as FAKE NEWS, until proven otherwise.

Please help us fight fake news – SHARE this article, and SUPPORT our work!

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Support my work through a bank transfer / PayPal / credit card!

Name : Adrian Wong
Bank Transfer : CIMB 7064555917 (Swift Code : CIBBMYKL)
Credit Card / Paypal : https://paypal.me/techarp

Dr. Adrian Wong has been writing about tech and science since 1997, even publishing a book with Prentice Hall called Breaking Through The BIOS Barrier (ISBN 978-0131455368) while in medical school.

He continues to devote countless hours every day writing about tech, medicine and science, in his pursuit of facts in a post-truth world.

Recommended Reading

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