Dec 28, 2016

Malaysians working abroad can save with EPF

Malaysians working abroad can save with EPF
credit image : FMT

BANGI: Malaysians working abroad can 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 age 55 could register as EPF members to make savings until they reach retirement age.

 The explanation refuted the perception that Malaysians working abroad are not eligible to make savings with EPF.

“The SP1M was introduced to encourage the self-employed and those without fixed income to contribute voluntarily based on their capability.

This includes Malaysians working abroad,” Faizal said. He said EPF members can make contributions of between RM50 and RM60,000 a year at any time according to their ability and will receive annual dividends based on current rate, just like other contributors.

 Those interested can register 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 also online at Maybank or Public Bank.

Faizal said besides SP1M, those eligible can make personal savings deposits via voluntary contribution. He said to raise awareness on the importance of retirement planning, RAS provided advice and guidance to members for free.

Last year, 65% of EPF members aged 54 years with savings of RM50,000 and below spent their EPF savings within three to five years.

 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, close to 18,000 EPF members sought advice from RAS face-to-face at branches.

“The Johor RAS branch officially opened last October. 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 background. They include civil servants, private sector employees, factory workers and the self-employed,” he said. — Bernama

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