Maybank aims to get 75,000 pay EPF via internet
The Borneo Post - Friday, 17 January, 2003  A11

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KUALA LUMPUR: Maybank is targeting to have 75,000 employers pay their workers' Employees Provident Fund (EPF) contributions through Maybank's internet channels - Maybank2e.net and Maybank2u.com in the next two years.

Its president, Datuk Amirsham A Aziz said the new online payment service provided greater convenience and benefits to both enterprises and self-employed customers.

"The Internet banking channels enable our customers to be able to use the service conveniently, 24 hours per day, seven days a week, anytime and anywhere.

"For enterprise customers, the bulk payment facility of Maybank2e.net is well suited for imitating payroll as well as making EPF contributions," he said at the signing agreement between Maybank and EPF for the online payment of EPF contributions via Maybank's internet banking channels, Maybank2e. net and Maybank2u. com, here yesterday.

Amirsham signed on behalf of Maybank while EPF was represented by its chief executive officer Datuk Azlan Zainol.

The payment of EPF contributions via these two Internet banking channels, Amirsham said, would be immediate, time saving and cost efficient as it would eliminate the problem of accounting with the manual pay-in such as queuing, handling of cash or cheque issuance or other bank and processing costs. "Maybank has also extended the convenience of making EPF contributions for our retail customers via Maybank2u.com," he said.

He said for those who do not have an EPF account would only need to obtain one from the EPF following which they could immediately use the EPF payment facility to make their EPF contributions.

Amirsham also said that Maybank has opted to provide separate internet banking channels for enterprise and retail customers to cater to the specific needs of the respective customers.

Meanwhile, Azlan hoped that the agreement would help reduce the current percentage of errant employers which presently stood at 4.39 percent or about 14,800 of the total number of 338,900 registered employers. He said the service would be provided free of charge.

He also pointed out that to overcome the problem of either late or non-payment of contributions, several stringent actions were being taken by EPF to ensure that every sen the members contribute and the contributions of their employers would go into their accounts.

EPF would not hesitate to take appropriate actions against errant employers such as taking them to court and detaining their passports, he added. "The directors of the companies involved would also be brought to court. I believe our recent actions speak for themselves," he said.

He said currently, every month about 79,500 payment transactions by employers are made at the EPF service counters, about 194,400 such transactions are through appointed banks whilst about 67,900 are made through the mail and 65 through internet. Azlan said that the collaboration with Maybank brings the total to three local banks currently offering online EPF payment facilities.

The other two banks are Bumiputera Commerce Bhd and Public Bank.  "EPF will also seek collaboration with other banks in future to offer this mode of payment," he said. - Bernama