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Call to join EPF retirement savings scheme

July 2, 2012

KUALA LUMPUR: The Employees Provident Fund (EPF) is urging self-employed individuals and those without fixed monthly income to join the EPF 1Malaysia Retirement Savings Scheme which has attracted 54,000 individuals with contribution totalling RM144.6 million since January 2010.

EPF deputy CEO (operations), Ibrahim Taib, said the scheme, opened to all Malaysians below 55 years of age, was a governmentinitiative designed for the self-employed and those without a fixed monthly income.

“We strongly urge self-employed individuals and those without fixed monthly income, who have not done so to participate in this scheme as part of financial preparation towards their golden years,” he said in statement today.

By saving under the scheme, the contributors will not only benefit from the EPF annual dividend but also the additional contribution of five percent subject to a maximum amount of RM60 per year provided by the government until 2014.

“Under this scheme, participants are given the flexibility to contribute voluntarily based on what they can afford and are not compelled to make monthly contributions as with employess under the mandatory EPF Savings Scheme,” he said.

Members for 1Malaysia Retirement Savings Scheme can contribute as little as RM50 a month and those interested to apply for the scheme can fill in the KWSP 16G (1M) form which is available at the nearest EPF branch or can be downloaded from myEPF website atwww.kwsp.gov.my.

– Bernama


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