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Commence from 3rd JAN 2010, the self-employed, a significant category of individuals who have no formal retirement savings scheme, such as farmers, fishermen, taxi drivers, petty traders, freelancers, singers, actors or business owners, can contribute to the EPF 1Malaysia Retirement Savings Scheme. This is announced by the Prime Minister during the tabling of the 2010 Budget in OCT 2009 for helping the self-employed cope with income inadequacy during retirement.

Unlike the conventional EPF saving scheme, the amount contributed into the 1Malaysia Retirement Saving Scheme was entirely at the contributor’s discretion. Contributors can opt to set aside a minimum of RM50 or a maximum of RM5,000 per month as their retirement savings. Contribution is voluntary and contributors are also not required to contribute savings on a monthly basis but rather what and when they can afford to. Contribuotrs would receive annual dividends declared by the EPF, in addition to a 5% contribution from the Government subject to a maximum of RM60 per year over the next five years from 2010-2014.

Those interested to apply for the scheme can fill the KWSP 16G (1M) Form which is available at any EPF branch nationwide or download from the EPF website beginning 3rd JAN 2010 onwards. The forms are to be returned at any EPF branch or by mail. However, individuals who are not EPF members have to register with the EPF first by completing KWSP 3 Form and submitting it to the EPF before applying for the scheme. Existing EPF members, who turn self-employed, are also eligible and may opt for this new scheme.

Savings for the scheme can be deposited via cash or cheque using the KWSP 6A(2) Form at any EPF Payment Counter nationwide and withdrawals are governed by the present EPF withdrawal procedures and conditions.

You can visit the nearest EPF branches, EPF website or call the EPF Call Centre at (03) 8922 6000 for further information.