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Govt raises EPF i-Saraan incentive limit to RM500 per year

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Self-employed voluntary contributors will receive matching incentives of 15%.

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Free Malaysia Today
For the first half of 2023, government incentives amounting to RM28 million have been credited to 211,361 members under the i-Saraan programme. (Bernama pic)

KUALA LUMPUR:
The government has raised the maximum matching incentive limit for the i-Saraan programme from RM300 to RM500 per year, effective Jan 1, 2024, according to EPF.

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

“The government will 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, designed to fortify the retirement future and income security of its members and potential members.

The government introduced the same initiative for the i-Suri programme, providing a matching incentive of 50% for every voluntary RM1 contribution by housewives under the age of 55 registered in the e-Kasih database, subject to a maximum incentive limit of RM300 per year and a lifetime limit of RM3,000.

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

More information can be found on the EPF website, or by contacting the EPF contact management centre at 03-8922-6000.

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