EPF scheme for housewives kicks off on Aug 15

Putrajaya has officially expanded its mandatory retirement savings scheme to homemakers with the launch of Caruman Sukarela Insentif Suri (i-Suri).

Deputy Prime Minister and Women's Affairs and Welfare Minister Dr Wan Azizah Wan Ismail said i-Suri will be implemented in three stages beginning Aug 15.

A total of 359,065 women registered with e-Kasih, a national database, are expected to be recipients of the scheme.

The participants comprise housewives (221,980), widows (98,536), divorcees (28116), as well as 10,433 single women who have had children out of wedlock.

E-Kasih is a national database which supports the planning, implementation, and monitoring of programmes for those in the bottom 40 percent household income group (B40). 

The first phase of the i-Suri initiative will see members start their accounts with a minimum monthly contribution of RM5, upon which the government would provide a monthly RM40 supplement.

Following this, the government would contribute an additional RM10 in form of Social Security Organisation (Socso). This second phase will commence early next year.

The final phase, which involves channelling two percent of the husband’s Employees Provident Fund (EPF) contributions to their spouse’s account, will commence in early 2020.

"We hope to see more women in this country receive the social protection and income security that they deserve and to ensure that they are able to live with dignity throughout their golden years," Wan Azizah said.

She was speaking at a press conference after launching the 2018 EPF International Social Security Conference at the Hilton hotel in Kuala Lumpur today. 

The i-Suri incentive is part of Pakatan Harapan's 10 pledges that it promised to fulfil within its first 100 days in office.  -Mkini