This is part of efforts to further expand the social protection net to family institutions and encourage more Malaysians, who are not covered by any formal social protection scheme, to save for retirement.
Malaysia's Employees Provident Fund (Kumpulan Wang Simpanan Pekerja, or EPF/KWSP) and the Ministry of Women, Family and Community Development (KPWKM) have launched i-Sayang, a facility that will allow husbands to voluntarily transfer 2% of their EPF monthly contributions to their wife's account, for their future income wellbeing.
"The i-Sayang facility is part of EPF’s ongoing efforts to further expand the social protection net to family institutions and encourage more Malaysians, who are not covered by any formal social protection scheme, to save for their retirement future," Datuk Seri Amir Hamzah Azizan, Chief Executive Officer, EPF said.
He added: "By enabling husbands to voluntarily contribute 2% of their EPF monthly contribution, they would provide the opportunity for their wives to have long-term savings in addition to gaining access to the quality social security and income security currently enjoyed by EPF members."
According to EPF, about 2.4mn housewives in Malaysia are not in any employment or are outside the labour force, and are therefore not covered by any form of social protection, "leaving them more vulnerable to adversities or financial shocks."
This initiative, it shared, is "in line with the Government’s commitment to empowering rights and taking care of women’s welfare", in addition to applying family values in line with the concept of Malaysia MADANI, which is based on the characteristics of inclusion, togetherness, and gratitude.
The i-Sayang facility was launched by Prime Minister Dato’ Seri Anwar Ibrahim at an International Women’s Day 2023 celebration held at Dewan Perdana Felda, Kuala Lumpur, on 8 March 2023 (Wednesday).
Speaking at the event, PM Anwar stressed that the agenda of empowering women is a joint responsibility, not just a responsibility of KPWKM.
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