KUALA LUMPUR: The Employees Provident Fund (EPF) has abolished the RM50 minimum voluntary contribution by its members at any one time, either through the 1Malaysia Retirement Scheme (SP1M), Self-Contribution or the Top-Up Savings Contribution, effective July 1.
EPF members are now free to contribute to their EPF accounts at any amount, but maximum amount to be contributed into each account remains capped at RM60,000 per annum.
EPF deputy chief executive officer Datuk Mohd Naim Daruwish said EPF wanted to ensure that members are able to contribute in any amount, at any time within its members’ financial abilities through the flexibilities introduced.
“A little savings set aside today will go a long way in ensuring the retirement wellbeing of our members in the future.
“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.
“Non-Malaysians with a legal work permit may also contribute voluntarily by registering as a member,” he said in a statement.
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.