PETALING JAYA: More than 34,000 men have signed up for the Employees Provident Fund’s i-Sayang initiative which allows husbands to transfer a 2% share of employees’ contributions to their wives’ account.
The i-Sayang was launched four months ago. It is aimed at creating a social safety network among married women and provide a foundation for their retirement savings, says the EPF.
EPF said a 25-year-old who earns RM2,000 a month and opts to save 2% a month for his unemployed wife would have provided her with more than RM66,000 in savings by the time he reaches 60.
The amount is based on a salary increase of 3% a year and an annual EPF dividend of 5%, EPF said in an emailed response to FMT.
EPF said the i-Sayang sign-up process had been streamlined to allow signing up without the need for supporting documents.
The fund said the scheme was aimed at creating a caring and responsible relationship between husbands and wives and would help women overcome life challenges such as divorce, the loss of a spouse, or illnesses, and help prevent women from falling into poverty during their old age.
“EPF statistics from June 2023 reveal concerning gender disparities in retirement savings. Of the 7.9 million active members, women account for 44% or 3.5 million members.
“With the introduction of i-Sayang, it is hoped that the gender gap in retirement preparedness among EPF members could be reduced, creating a more equitable and secure future for all members,” it said. - FMT
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