KUALA LUMPUR: The Employees Provident Fund (EPF) is abolishing the RM50 minimum requirement for members who voluntarily contribute to their accounts effective July 1.
This will allow them to contribute any amount at any time, the country’s largest pension fund said in a statement.
“A little savings set aside today will go a long way in ensuring the retirement wellbeing of our members in the future.
“Therefore, we want to ensure that members are able to contribute any amount, at any time, within their financial abilities through the flexibilities introduced,” said EPF deputy chief executive Officer Mohd Naim Daruwish.
The accumulated maximum amount to be contributed into each account, however, remains capped at RM60,000 per annum.
EPF members can contribute voluntarily to their accounts either through the 1Malaysia Retirement Scheme, self-contribution or the top-up savings contribution.
Naim said the option to make voluntary contributions was in line with a retirement agenda that was inclusive, as it was open to all Malaysians who are self-employed.
“Non-Malaysians with a legal work permit may also contribute voluntarily by registering as a member,” he added.
EPF said in addition to the removal of the RM50 minimum contribution, members could contribute any amount to Account 1 belonging to their sons or daughters who were also EPF members through the top-up savings contribution.
Previously, the scheme only allowed EPF members to contribute to their parents’ or spouse’s Account 1.
For more information, members can call the EPF Contact Management Centre at 03-8922 6000, refer to the EPF website at www.kwsp.gov.my, or visit any of the 67 EPF branches nationwide.