KUALA LUMPUR: RHB Bank Bhd, MALAYAN BANKING BHD [] and Bank Simpanan Nasional (BSN) have been appointed by the Employees Provident Fund to accept over-the-counter contributions for the EPF's '1Malaysia Retirement Savings Scheme'.
EPF general manager for public relations Nik Affendi Jaafar said on Wednesday, Oct 6 the appointment of the three banks would make it more convenient for individuals to make their contribution payments and encourage more savings.
The 1Malaysia Retirement Savings Scheme is a government initiative to encourage the self-employed and those without a fixed monthly income to save for their old age.
It was implemented in January this year to provide a degree of financial security to individuals who are self-employed and without a fixed monthly income.
The scheme is open to individuals up to the age of 55. To date, more than 16,000 individuals who have successfully registered under this new savings scheme.
Apart from taxi drivers, fishermen, farmers, hawkers, petty traders and the like, the scheme recently also allowed housewives to contribute.
Unlike the mandatory EPF Savings Scheme for employees, contributors are not compelled to deposit savings on a monthly basis but rather, when they can afford to. Contributors are allowed to contribute any amount from a minimum of RM50 up to a maximum of RM5,000 per month.
The scheme gives the self-employed plenty of flexibility, allowing contributors to channel an amount they are most comfortable with without it becoming a burden.
In addition to receiving the annual dividends from the EPF, they will also benefit from an additional 5% government contribution, up to a maximum of RM60 per year until the year 2014.
Those interested to apply for the scheme can fill in the KWSP 16G (1M) form that is available at any of the EPF branches nationwide, or by downloading the form at www.kwsp.gov.my.
The forms are to be returned at any EPF counters or by mail. Savings can be deposited via cash or cheque at any EPF payment counters or at the three appointed banks, together with the KWSP 6A (2) form.
EPF general manager for public relations Nik Affendi Jaafar said on Wednesday, Oct 6 the appointment of the three banks would make it more convenient for individuals to make their contribution payments and encourage more savings.
The 1Malaysia Retirement Savings Scheme is a government initiative to encourage the self-employed and those without a fixed monthly income to save for their old age.
It was implemented in January this year to provide a degree of financial security to individuals who are self-employed and without a fixed monthly income.
The scheme is open to individuals up to the age of 55. To date, more than 16,000 individuals who have successfully registered under this new savings scheme.
Apart from taxi drivers, fishermen, farmers, hawkers, petty traders and the like, the scheme recently also allowed housewives to contribute.
Unlike the mandatory EPF Savings Scheme for employees, contributors are not compelled to deposit savings on a monthly basis but rather, when they can afford to. Contributors are allowed to contribute any amount from a minimum of RM50 up to a maximum of RM5,000 per month.
The scheme gives the self-employed plenty of flexibility, allowing contributors to channel an amount they are most comfortable with without it becoming a burden.
In addition to receiving the annual dividends from the EPF, they will also benefit from an additional 5% government contribution, up to a maximum of RM60 per year until the year 2014.
Those interested to apply for the scheme can fill in the KWSP 16G (1M) form that is available at any of the EPF branches nationwide, or by downloading the form at www.kwsp.gov.my.
The forms are to be returned at any EPF counters or by mail. Savings can be deposited via cash or cheque at any EPF payment counters or at the three appointed banks, together with the KWSP 6A (2) form.
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