KUCHING: The Sarawak Endowment Fund (EFS) is a new social policy of the Sarawak government, said Welfare, Community Wellbeing, Women, Family and Childhood Development Minister Datuk Seri Fatimah Abdullah yesterday.
“It is in line with the announcement of the RM42 million allocation by Chief Minister Datuk Patinggi Abang Johari Tun Openg on EFS during his speech on the State Budget last year.
“The fund is expected to meet market demands from the digital economy and socio-economic development of the state,” she said.
According to Fatimah, EFS is part of the proceeds from the sales tax on petroleum products which is to be shared with everybody and is in line with the government’s intention of “giving back to the people”.
“EFS is able to reduce the parents’ burden and accommodate their children’s learning after they reach the age of 18,” she told Unit Komunikasi Awam Sarawak (Ukas) at her office at Baitulmakmur Complex yesterday.
Fatimah added that every Sarawakian newborn would get RM1,000 and they would withdraw the money after reaching 18 years of age for educational and work purposes.
She said the EFS application could be made at the Sarawak National Registration Department (JPN) throughout Sarawak, and necessary forms needed to be filled and returned to the registration office.
“When application is made, the department will check on eligibility, that is, whether he or she can receive the fund. Only then will it be sent to Bank Islam for the account registration,” she said.
Fatimah explained the application list would be sent twice a month to Bank Islam, the bank chosen to manage the money with a profit rate of 4.2 per cent annually.
“My ministry has also proposed to give a better understanding of EFS and its objective, including its processes and produces throughout Sarawak,” she said.
Fatimah said there was a plan to hold a roadshow from time to time in every district.
“However, if the child passes away before reaching the age of 18, the heir can withdraw the fund for the necessary funeral arrangement, and they need to bring the original death certificates to Bank Islam,” she said.
For Sarawakians who are overseas, Fatimah said they may obtain a soft copy of the form from the registration department and the completed application must be posted to Sarawak JPN.
She stressed only Sarawak JPN, Kuching could process the EFS registration.
“Those who live in Peninsular Malaysia can register at the nearest registration office,” she said.
Fatimah hopes parents in Sarawak will take full advantage of the opportunities given by the Sarawak government.
“The uniqueness of EFS is that because the fund is given to all Sarawakians who deserve it regardless of race, religion, and socio-economic status,” she said.
