i-Saraan: EPF Project with 15% Special Incentives
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| Voluntary Contribution with Retirement Incentive (i-Saraan) allows EPF member who are self-employed to make voluntary contributions. And now, government are providing an additional 15% contribution for participants in this project. |
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| Let's take a look on the details / FAQ of the i-Saraan: |
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FAQ:
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1. What is i-Saraan?
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| It is an EPF retirement incentive that encourage self-employed to make voluntary contributions. |
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2. What benefits can I get if I joined?
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- Contribute according to your own time and within your own financial ability
- Enjoy tax relief
- Receive additional special incentive of 15% subject to a maximum of RM250 annually
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- For example, if your contribution is RM1,000, then RM1,000 × 15% = RM150, you will receive RM150 as special incentive.
- If your contribution is RM2,000, although RM2,000 × 15% = RM300, you can only receive RM250 as it is the maximum incentive provided.
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3. Who is eligible?
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| Self-employed individuals who are registered EPF member with no fixed income and aged below 60, includes the following: |
- Farmers/Fishermen/Taxi Drivers
- Small Business Owners/Hawkers/Night Market Traders
- Babysitters
- Commission-receiving agents (e.g. insurance agents, real estate agents)
- Freelancers (e.g. those who receive payment for services including deejays, singers, actors, fitness instructors, consultants)
- Business Owners (sole proprietors/partners) involved in the trading of goods and services
- Online Business Owners
- Professionals with their own practice (e.g. accountants, doctors, lawyers)
- Housewives
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4. How to apply?
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5. Any condition?
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| Maximum payment limit is RM60,000 per year |
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6. When will the special incentive end?
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| This incentive will be ended in year 2022. |
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7. Why I didn't received the special incentive after joining i-Saraan?
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| The EPF will routinely make government contribution claims based on accumulated contribution for the first (January to June) and second (July to December) halves of the year. |
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8. How does the government credit the contribudion to my account?
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| The special contribution will be credited into your Account 1. |
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