Malaysia’s Employees Provident Fund (EPF) announced that effective last Monday (1 July), members who contribute voluntarily to their EPF accounts, either through the 1Malaysia Retirement Scheme (SP1M), self-contribution or the top-up savings contribution, can now do so in any amount; as the requirement to contribute a minimum RM50 at any one time is abolished. The accumulated maximum amount to be contributed into each account, however, remains capped at RM60,000 per annum.
EPF deputy chief executive officer Dato’ Mohd Naim Daruwish said: “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 in any amount, at any time within their financial abilities through the flexibilities introduced.”
“The option to make voluntary contributions is in line with a retirement agenda that is inclusive, as it is open to all Malaysians who are self-employed”, he added.
In addition to the removal of the RM50 minimum contribution, the Top-Up Savings Contribution will now enable members to contribute any amount to Account 1 belonging to their sons or daughters who are also EPF members. Previously, the scheme only allowed EPF members to contribute to their parents’ or spouse’s Account 1.
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