EPF Warning For Greedy Employers.
There are good bosses and bad bosses. Then there are the greedy bastards who not only delay paying proper salaries but also default on or completely ignore compulsory contributions. To this scum, here is a warning from the EPF. I hope they jail a few of the habitual defaulters instead of fining them or threatening them with bankruptcy. One good thing about this warning is that it targets the directors. That's good, because there are lot of proxy Malay directors around who thrive in Ali-Baba set-ups without lifting a finger all because of loopholes in the NEP.
****Company directors who fail to remit the mandatory Employees Provident Fund (EPF) contributions of their employees can be declared bankrupt or barred from leaving the country.They will "be jointly or severally liable" if their companies failed to remit the contributions to EPF, senior general manager of its Legal Department Ibrahim Taib said in a statement, here Thursday.
"They need to check with their accountants and company secretaries frequently to ensure that the contributions are paid promptly," he said, adding that under the EPF Act 1991, all registered employers were required to remit workers' contributions on or before the 15th day of every month. Ibrahim said the company should also inform the EPF if new principal directors were appointed together with their address, contact details and identity card number.
"The company directors also need to forward to the EPF a copy of Form 49 of the Suruhanjaya Syarikat Malaysia (SSM). Ibrahim said the EPF should also be informed when companies changed their names or addresses via form EPF1, which must be accompanied by the SSM Form 13. "If a company changed its name, the changes need to be notified via form EPF1, and should be accompanied by the SSM Form 13.
"In addition, when a company has changed its location, the directors are also required to notify the EPF of the change in address. This can be done via a letter or e-mail to the EPF indicating its new address," he said.Currently, about 395,000 employers are registered with EPF.
****Company directors who fail to remit the mandatory Employees Provident Fund (EPF) contributions of their employees can be declared bankrupt or barred from leaving the country.They will "be jointly or severally liable" if their companies failed to remit the contributions to EPF, senior general manager of its Legal Department Ibrahim Taib said in a statement, here Thursday.
"They need to check with their accountants and company secretaries frequently to ensure that the contributions are paid promptly," he said, adding that under the EPF Act 1991, all registered employers were required to remit workers' contributions on or before the 15th day of every month. Ibrahim said the company should also inform the EPF if new principal directors were appointed together with their address, contact details and identity card number.
"The company directors also need to forward to the EPF a copy of Form 49 of the Suruhanjaya Syarikat Malaysia (SSM). Ibrahim said the EPF should also be informed when companies changed their names or addresses via form EPF1, which must be accompanied by the SSM Form 13. "If a company changed its name, the changes need to be notified via form EPF1, and should be accompanied by the SSM Form 13.
"In addition, when a company has changed its location, the directors are also required to notify the EPF of the change in address. This can be done via a letter or e-mail to the EPF indicating its new address," he said.Currently, about 395,000 employers are registered with EPF.
posted by The Malaysian. at 6/23/2006 10:10:00 AM
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