Last updated : 6/5/20 9:04 PM     

EPF WELCOMES GOVERNMENT’S EFFORTS TO PROTECT SELF-EMPLOYED WORKERS’ FUTURE RETIREMENT

KUALA LUMPUR, 5 June 2020: The Employees Provident Fund (EPF) welcomes the Government’s matching grant for workers on gig economy platforms to contribute towards their EPF savings through the i-Saraan programme. 

EPF’s i-Saraan is a voluntary contribution with incentives for self-employed workers. A key feature of this programme is that members below 55 years old who have registered and contributed will receive an additional special Government incentive of 15 per cent (subject to a maximum of RM250 annually). 

Earlier today, the Government announced an allocation of RM50 million under the Economic Recovery Plan that will go towards supporting the social protection framework for the gig economy, and encourage gig platform workers to save for the future.  

Alizakri Alias, Chief EPF Officer said, “This is a timely effort by the Government in adapting to the evolving nature of work. This year has been volatile and challenging, compounded by the pandemic situation which has completely disrupted our work landscape. However, we are encouraged to see many pivoting to leverage on the opportunities created during this crisis.”

“We know of many who have opted to work for food and parcel delivery platforms to tide them through these times. Malaysian gig platform workers, especially the drivers and delivery riders, have been the pulse of our nation’s economy during these challenging months. However, as they are technically self-employed, there are no formal mechanisms for them to save for the future,” he said.  

Alizakri added, “We hope that the Government’s incentive will encourage these workers to start saving. i-Saraan is entirely voluntary, but EPF members under this programme will receive the same benefits as a fully employed EPF member, plus the added contribution from the Government to incentivise them to save more.” 

For more information on i-Saraan, please visit the EPF website at kwsp.gov.my.
 

Issued by the EPF Media Desk

Corporate Affairs Department

5 June 2020

 

 

About the Employees Provident Fund (EPF)

The Employees Provident Fund (“EPF”) is one of the oldest retirement funds in the world. Established in 1951, the EPF is a social-security organisation focused on safeguarding member savings and delivering excellent services. In recent years, in line with its vision of helping members achieve a better future, the EPF has expanded its role to encompass the creation of a comprehensive social well-being ecosystem. Today, the EPF remains steadfast in its commitment to members through consistent efforts to update and improve itself, in order to build the foundation for sustainable, holistic and equitable well-being for all Malaysians