The Employees’ Provident Fund (EPF) will be modernised going forward, the Central Bank said, with efforts underway for its operation to go almost paperless.

At the Annual Policy Statement 2024 announcement, the Central Bank said the EPF is committed to enhancing operational efficiency to deliver efficient and effective services to its stakeholders.

“Service quality is to be improved through the implementation of a near-paperless operating system with real-time document scanning.

“Further, the initiatives taken to strengthen the electronic collection procedure by providing multiple payment avenues would continue to provide more flexibility to employers,” it said. 

A comprehensive ICT solution would be implemented at EPF with the view of re-engineering and modernising the existing process.

The EPF is also to seek avenues to diversify its investment portfolio to generate a higher risk-adjusted rate of return while ensuring the safety of the overall fund.