What is EPF i-Saraan?
i-Saraan is a voluntary contribution scheme under the Employees Provident Fund (EPF), designed for individuals who are self-employed, have no fixed income, or are not covered by a formal employer-employee relationship. This program allows participants to save for their retirement while benefiting from government incentives.
Key Features of i-Saraan
- Voluntary Contributions:
- Participants can contribute at their own pace with no fixed schedule.
- Minimum contribution: RM50 per transaction.
- Government Incentive:
- Eligible contributors will receive a government incentive of 15% of their annual contributions, capped at RM300 per year.
- This incentive is valid until 2025 (subject to extension).
- Dividends:
- Contributions earn annual dividends, similar to regular EPF accounts.
- Flexibility:
- Participants can withdraw funds for specific purposes (e.g., health or housing) based on EPF rules.
Eligibility for i-Saraan
- Age Requirement:
- Malaysian citizens aged below 55 years old.
- Employment Status:
- Self-employed individuals.
- Freelancers or gig workers (e.g., Grab drivers, online sellers).
- Individuals not earning a fixed income or not under formal employment.
- EPF Membership:
- Must be an EPF member (if not, register as a member first).
How to Register for i-Saraan
1. If You Are Already an EPF Member:
- Fill out the KWSP 16G(1) form for i-Saraan registration.
- Submit the form at any EPF branch.
2. If You Are Not an EPF Member:
- Register as an EPF member:
- Fill out the KWSP 3 form.
- Submit at an EPF branch or online.
3. Documents Required:
- MyKad (identification card).
- Completed registration forms (KWSP 16G(1) or KWSP 3).
How to Make Contributions
- Online:
- Use online banking platforms like Maybank2u, CIMB Clicks, or RHB Now to transfer funds to your EPF account.
- Over the Counter:
- Contribute via EPF counters or partner banks.
- Mobile App:
- Use the i-Akaun mobile app for transactions and monitoring your account.
Benefits of i-Saraan
- Government Incentive:
- Receive up to RM300 annually as a top-up for your savings.
- Retirement Savings Growth:
- Earn annual EPF dividends to grow your savings.
- Flexibility:
- No mandatory monthly contributions, giving you full control over your savings schedule.
- Withdrawal Benefits:
- Access funds for retirement or specific purposes based on EPF withdrawal rules.
How to Check i-Saraan Contributions
- Via i-Akaun (Online):
- Log in to your EPF i-Akaun to check balances and contributions.
- Mobile App:
- Download the i-Akaun app for account management on the go.
- Visit an EPF Branch:
- Request a statement of your contributions.
Contact and Support
For more information about i-Saraan, contact:
- EPF Hotline: 03-8922 6000
- Website: https://www.kwsp.gov.my
i-Saraan is an excellent option for self-employed individuals to save for a secure and stable retirement while enjoying government incentives.