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Monday, December 26, 2016

Malaysians working abroad eligible to contribute to EPF

Malaysians working abroad are eligible to make contributions to the Employees Provident Fund (EPF) via the 1Malaysia Retirement Savings Scheme (SP1M).
Johor EPF branch Retirement Advisory Service (RAS) officer, Faizal Abu Al-Ashari said those below 55 years-old can register as EPF members to make savings until they reach retirement age.
"This also refutes the perception that Malaysians working abroad are not eligible to make savings with EPF. Actually, they can still save with the EPF.
"The SP1M was introduced to encourage the self employed and those without fixed income to contribute voluntarily based on their capability. This include Malaysians working abroad, " he told Bernama in Bangi.
No fixed amount has been set. EPF members can make contributions of between RM50 and RM60,000 a year at any time according to cability and will receive annual dividends based on current rate, just like other contributors.
Registration can be made at the EPF office by filling out a special form and payment can be made at the counter or via agents such as Maybank, Public Bank, RHB Bank, Bank Simpanan Nasional and online at Maybank or Public Bank.
Faizal said besides SP1M, those eligible can make personal savings deposits via voluntary contribution.
Last year, 65 percent of EPF members aged 54 years with savings of RM50,000 and below spent their EPF savings within three to five years.
In efforts to raise awareness about the importance of retirement planning, RAS provide advice and guidance to members for free.
RAS, the first of its kind in South-East Asia, is an initiative under EPF's Social Security Excellence and Strategic Plan 2013-2017.
Faizal said since its launch in 2014 until August this year, some 17,805 EPF members had received advice from RAS face-to-face in the branches.

"Johor RAS branch was officially opened in October last year. A total of 1,500 members have come to our branch for advice about planning their savings.
"The customers are of various ages, races and backgroun They include civil servants, private sector employees, factory workers and the self-employed.
"They were very satisfied and left with better understanding of financial planning for retirement," he added.
- Bernama

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