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i-Saraan incentive limit raised to RM500 per year, effective Jan 1 | Scoop
The Employees Provident Fund has announced that Malaysians in the informal sector, particularly those self-employed with no fixed income, under 60 years old, and voluntarily contributing to i-Saraan, will receive a 15% matching incentive, capped at RM500 annually. – Scoop pic, January 24, 2024
News

i-Saraan incentive limit raised to RM500 per year, effective Jan 1

Govt will continue giving incentives to every contributor, subject to maximum lifetime incentive of RM5,000, to encourage retirement savings

Bernama
Updated
12:38 PM MYT

 

KUALA LUMPUR – The government’s maximum matching incentive limit for the i-Saraan programme has been raised from RM300 to RM500 per year, effective January 1, 2024, according to the Employees Provident Fund (EPF).

It said Malaysians in the informal sector, including the self-employed with no fixed income, under the age of 60 and voluntarily contributing to i-Saraan, would receive a matching incentive of 15% of the voluntary contribution, subject to a maximum incentive limit of RM500 per year.

“The government will also continue to give incentives to every i-Saraan participant who contributes, subject to a maximum lifetime incentive of RM5,000, to encourage them to continue saving for retirement and allow more members to benefit from this incentive,” it said in a statement.

For the first half of 2023, government incentives amounting to RM28 million have been credited to 211,361 members under the i-Saraan programme.

EPF said the matching contribution incentives for the i-Saraan programme were among its series of product and policy enhancements, strategically designed to fortify the retirement future and income security of its members and potential members.

The same initiative was introduced at the same time for the i-Suri programme, in which the government would provide a matching incentive of 50% on every RM1 voluntary contribution by housewives under the age of 55 and registered under the e-Kasih database, subject to a maximum incentive limit of RM300 per year.

It said the government would also continue to provide incentives to every i-Suri participant who contributes, subject to a maximum lifetime incentive of RM3,000.

“For 2023, government incentives amounting to RM19 million have been credited to 42,532 members under the i-Suri programme,” the EPF said.

Apart from that, starting this year, EPF has also strategically separated its Simpanan Konvensional and Simpanan Shariah portfolios concerning their Shariah-compliant investment, aiming to allow each portfolio’s returns to be optimised in the long run with each portfolio having its own independent strategic asset allocation.

The fund also enhanced its i-Invest platform to enable transactions for private mandate portfolios.

“These initiatives, aligned with the government’s Budget 2023 and 2024 announcements by Prime Minister Datuk Seri Anwar Ibrahim on February 24, 2023, and October 13, 2023, respectively, signify a proactive response to the evolving needs of EPF members, ensuring financial resilience and well-being during their retirement years,” it said.

Those who want more information may visit the Employees Provident Fund website or contact the EPF contact management centre at 03-8922-6000. – January 24, 2024

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