Product Modules of e-PPA
The e-PPA system comprises the following modules:
- Eligibility checking service
- Withdrawal service
- Reinstatement service.
However, each service module may be enabled or disabled whenever there is a directive from EPF or FIMM.
Benefits of e-PPA
Besides the obvious improvements in efficiency, the e-PPA has helped to considerably shorten the processing time to no more than 3 days from the original timeframe of up to 14 days.
The reduction in the investment application means that the IPDs funding requirements and market exposures are reduced significantly.
For the EPF members, the new processes means that they are able to know the fate of their investment applications in a much shorter time while the faster return of funds to their EPF accounts upon redemption translates into dividends earned from their contributions.
The automation and inclusion of various automated checks and validation processes means that potential human error and fraud can be eliminated.