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Kuala Lumpur: A new online feature is expected to be rolled out in 2017 to help Employees Provident Fund (EPF) members understand and manage their finances better.EPF strategy management department head Balqais Yusoff says the feature will be a micro-site that will enable contributors to calculate their budget based on their income and also to find out their net worth.

"The microsite will be embedded within the fund's overall corporate website and will include financial advice and tips on retirement planning.

"Through this feature, we want to encourage people to focus on planning their retirement and practise good habits like saving early and having different sources of funds for emergency needs," she says.

Balqais says EPF members will be able to fill up a template according to their own financial standing.

"We are still working out the details of this effort, but it is in the pipeline and, hopefully, it will be ready by 2017," she adds.

Describing the initiative as part of EPF's social responsibility, Balqais says the fund wants to do something extra to help its members.

"EPF's Retirement Advisory Services are also available to the public free of charge to encourage people to take control of their retirement finances.

"They can also sign up for an i-Akaun so that they can check their account online, any time, anywhere, cutting time and effort in going to counters for transactions," she says.

Balqais adds that users will also be able to check their transaction history with their i-Akaun.

"Once more e-services are in place, those with i-Akaun memberships will be able to do more and will be given a chance to provide their feedback to EPF," she says.

"By 2017, some transformative elements can be expected to materialise to increase convenience for our members," she says.

Currently, there are roughly 1.4 million EPF members with i-Akauns.

As at October this year, EPF has a total of 14.4 million members, of which 6.7 million are active or have contributed at least once in the last 12 months.

Balqais also recommends those in the informal sector or who are self-employed to sign up for the 1Malaysia Retirement Scheme, whereby the Government will offer matching contributions to members.

Such contributions will be up to a maximum of RM120 a year or 10pc of the annual contribution, whichever is lower.

Balqais also has some advice to young members of EPF, saying that EPF encourages them to start planning for their retirement the moment they enter the workforce, and to have multiple sources of income, such as the private retirement scheme and other instruments, that can help to grow assets and enhance their passive income.

"Diversify your portfolios and ensure you have sufficient protection against health related costs and adversity," she says.

"Ideally, people should have a replacement income of 60pc to 70pc of their average salary or last drawn salary to maintain their lifestyle after retirement."

Balqais, however, stresses to all members that "EPF is not your lifesaver" during their golden years because it should not be the sole reserve that they have.

"Members should have other options to help them stay afloat. Our records show that only 33pc of our members meet the minimum basic savings by age group in their account, based on the poverty line of RM820 a month.

"Also, there is the angle of our increasing life expectancy. Using your EPF savings alone may not be enough to sustain you as life spans increase. By 2030, one in three people is expected to live through the age of 100," she points out.

She even encourages senior citizens to be re-employed if they feel that they are able to work and want to supplement their retirement savings.

Those interested in EPF's Retirement Advisory Services, can contact the EPF call centre at 03-8922 6000. Alternatively, you can also go to the EPF website to find out more or sign up for i-Akaun at www.kwsp.gov.my.