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EPF self-contribution is more than just a contribution to a retirement fund – it’s a journey of empowerment, a means to secure your financial well-being, and a pathway to financial freedom. Imagine having the power to shape your financial destiny, ensuring a secure and prosperous retirement. EPF (Employees’ Provident Fund) self-contribution unlocks this potential, putting you in control of your savings and paving the way to a brighter financial future. While EPF contributions made by employers are essential, self-contribution offers an extra layer of control, flexibility, and potential rewards.
Know More About EPF Self Contribution
In this article, we will explore three highly effective mediums for EPF self-contribution that every employee should be aware of. Whether you are a seasoned EPF contributor or new to the concept, this guide will equip you with the knowledge and insights needed to make informed decisions about your EPF self-contribution. There are three voluntary contributions that are currently offered by EPF which are EPF Self-Contribution, i- Saraan and Account 1 Top-Up EPF Savings.
So, if you are eager to take charge of your financial future and optimize your EPF savings, let’s delve into the three effective mediums that you must know for EPF self-contribution.
1. EPF Self Contribution
EPF contributions extend beyond the mandatory requirements outlined in the EPF Act 1991. Thus, encouragement is given to individuals not covered by the Act to voluntarily participate in contributing to the EPF. For the independent income earners such as self-employed and freelance workers, you are welcome to make EPF self contribution through this medium. However, for the salaried employees, you also may make additional contributions for a better retirement plan in the future.
Requirements
Below are the requirements for you to apply EPF Self Contribution:
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- Malaysian Citizen/Permanent Residents;
- Registered EPF Member;
- Below 75 years of age.
2. EPF i-Saraan
The second voluntary initiative that was introduced on on 2021 is called i-Saraan. Self-employed individuals without stable incomes and employees engaged in the gig economy have the chance to avail themselves of exclusive government incentives for retirement objectives, provided they fulfilled the prescribed criteria.
Requirements
Below are the requirements for you to apply EPF i-Saraan:
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- Malaysian Citizen;
- Registered EPF Member;
- Below 60 years of age;
- Self-employed individuals (Individuals who generate income from their own work and do not hold an employment status);
- Opted to contribute under i-Saraan (for those submitted Form KWSP 16G (M));
- Registered members of Kasih Suri Keluarga Malaysia KWSP (i-Suri) are required to register for i-Saraan to qualify members to receive the special i-Saraan incentive, subject to the terms and conditions set.
I-Saraan Registration
If you are interested, you can register for EPF i-Saraan via options below:
1. Website
You can apply via online at i-Saraan Online Registration.
2. EPF Counter
You may submit Application Form for Voluntary Contribution i-Saraan and bring your Mykad to the counter.
3. Self Service Terminal (SST)
You may apply at the SST location available and bring your Mykad along.
Benefits
There are many benefits that you can get through this i-Saraan which are you will receive annual dividend, special incentives which is 15 percent of the total contribution up to a maximum of RM300 in the current year, tax exemption, and death benefits following the terms and conditions given.
3. Account 1 Top-Up EPF Savings
Another EPF self contribution that you can make is Account 1 Top-up Savings Contribution. If you wish to enhance the retirement security of your loved ones, you can utilize our Account 1 Top-Up Savings Contribution facility. Through this initiative, the Topper has the option to make voluntary supplementary contributions to the EPF account of the receiver (it can be parents, spouse, or children).
Requirements
Below are the requirements for you to apply Account 1 Top-Up Savings Contribution:
| Toppee | Topper |
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Account 1 Top-Up EPF Savings Registration
In order to register this voluntary contribution initiative, you have to walk-in to the EPF counter and bring your documents such as MyKad, birth certificate, marriage certificate and Supplementary Savings/Recipient Savings Form – KWSP 3B.
EPF Self Contribution Payment Method
As for the payment limit, there are no minimum limit while for the maximum limit of accumulate Voluntary Contributions (EPF Self Contribution, i-Saraan Contribution and Account 1 Top-up Savings Contribution) is RM100,000 per year as announced by Malaysia’s Prime Minister, Datuk Seri Anwar Ibrahim.
Below is the payment method/channel that you can use to contribute to EPF Self Contribution:
| EPF Self Contribution & EPF i-Saraan | 1. Mobile App i-Akaun |
| 2. Internet Banking
You can make an electronic payment via these banks:
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| 3. Registered Bank Agent
You may make electronic payment/cash via Bank Agent (EB) BSN. |
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| 4. Bank Agent Counters
You may make an electronic/cash payment via Bank Agent Counters:
At the counter, you have to make payment along with the Self-Contribution Payment Form below:
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| 5. EPF Counters
You make an electronic/cash payment at EPF counters. You can pay cash (RM500 maximum)/cheque at all EPF counters in state capital including KWSP Muar. At the counter, you have to make payment along with the Self-Contribution Payment Form below:
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| 6. Mobile Team (MT)/ Mobile Outreach Team (MOT)
You can pay via debit card but the amount limit is subject to the transaction limit of the payer’s debit card and the maximum limit for voluntary contribution is RM100,000 per year. However, you must complete KWSP 6A (DC) Form for payment via debit card. |
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| Account 1 Top-Up EPF Savings | 1. EPF Counters
You make an electronic/cash payment at EPF counters. You can pay cash (RM500 maximum)/cheque at all EPF counters in state capital including KWSP Muar. At the counter, you have to make payment along with the Contribution Payment for Account 1 Supplementary Savings Form – KWSP 3B (1) |
EPF Self Contribution: Double Up Your Savings!
Hence, EPF self contribution is a powerful tool that allows you to take control of their financial future and enhance your retirement savings. By voluntarily contributing to your EPF account, employees can secure their financial well-being and enjoy tax benefits. Thus, with these three voluntary contribution initiatives you surely can double up your savings by customize your contributions based on your financial goals and circumstances.
EPF self contribution empowers you to shape your financial future, providing you with the opportunity to take charge of their retirement savings and enjoy long-term financial security. By leveraging the effective mediums discussed, you can make informed decisions and maximize the benefits of EPF self-contribution. Start taking action today and secure a brighter financial future with EPF self-contribution.
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