【Year 2020】i-Saraan – Voluntary Contribution with Retirement Incentive from EPF (Get 15% Government Contribution!)

Good news to all self-employed Malaysians! You may now secure your retirement with voluntary contribution and receive additional contribution from the government under i-Saraan.

What’s i-Saraan?

Voluntary Contribution with Retirement Incentive, or better known as i-Saraan allows Malaysians who are self-employed and do not earn a regular income to make voluntary contributions towards their retirement, and at the same time receive additional contribution from the government.

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If you’re a member under i-Saraan, you will receive a 15% government contribution (a maximum of RM250/year [Effective 1 Jan 2018]) on top of your own contributions.

For example, if you contribute RM 1000 into your EPF account under i-Saraan, you will get RM 150 contribution from the government.

  • RM 1000 X 15% = RM 150

If you contribute RM 2000 into your EPF account under i-Saraan, you will get RM 250 contribution from the government.

  • RM 2000 X 15% = RM 300 (*a maximum of RM 250 per year)

Do take note that there are two schemes under EPF for self-employed members. If you want to get the 15% government contribution, make sure you apply for i-Saraan account.

Who Can Apply?

  • Malaysia citizen
  • Below 55 years old
  • Self-employed individuals
  • Registered EPF member

This means that regardless you’re a farmer, a fisherman, a taxi driver, a hawker, a property agent, a housewife or someone who does freelance work, you can apply for i-Saraan.

Other Benefits

  1.  You can contribute according to your own time and within your own financial ability and still be able to make withdrawals.
  2. You will earn annual EPF dividend on your retirement savings.
  3. You can enjoy tax relief up to RM 6000.
  4. Death Benefit: RM 2500

How to Apply

1. Download the form here.

DOWNLOAD KWSP 16G (M)

DOWNLOAD KWSP 6A (2)

2. Fill in the forms.

3. Submit your form to EPF counter.

For more information, click HERE.

You can also make self contribution to EPF through Maybank in just a few steps.

Step 1: Log in to your Maybank2u acount.

Step 2: Click ‘Investment’.

Step 3: Click ‘EPF’,

Step 4: If you have registered your EPF account before, just click ‘EPF Registered Payment’.

* If you have not done so before, click ‘Add’ to register your EPF account.

Step 5: Log in to your EPF account and choose Self-Contribution.

Step 6: Key in the amount and click ‘Confirm’ to complete the transaction.

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