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EPF to assist members in rebuilding savings

admin2021-10-0815

Wider coverage: An EPF contributor looking at her savings at the provident fund’s headquaters in Kuala Lumpur. The fund is expanding social protection coverage to include more workers.

PETALING JAYA: The Employees Provident fund (EPF) is looking at beefing up retirement savings amid the Covid-19 pandemic which has put a dent on retirement security.

Chief executive officer Datuk Seri Amir Hamzah Azizan, in responding to queries from StarBiz, said with the economic recovery, the fund is looking at helping members, including those in the informal sectors, to rebuild their savings.

“The EPF has also been engaging with a number of industry players in the gig economy such as Grab Malaysia to encourage their partners to contribute to their retirement pool, incentivised by matching contributions.

“More collaborations with other players are currently in the works and will be shared once finalised.Chief executive officer Datuk Seri Amir Hamzah Azizan, (file pic) in responding to queries from StarBiz, said with the economic recovery, the fund is looking at helping members, including those in the informal sectors, to rebuild their savings.

“Apart from this, the fund is working towards expanding social-protection coverage to include more workers.

“This means that those in the informal sector such as gig economy workers, contract for service workers as well as foreign workers are expected to be given coverage in the near future.

“As this effort calls for public and private stakeholder engagements, reform as well as amendments to our Act, it will take time to be implemented effectively.

“The involvement of other players, including the government and related social protection agencies, will be vital as reforms will require inclusive and holistic approaches as well as perspectives,” he added.

The EPF is committed to efforts that will further the fund’s main purpose in ensuring that all Malaysians are protected during retirement, on top of other systemic reforms that will strengthen the social protection system.Amir Hamzah said workers in the informal sector could contribute to the fund via the i-Saraan scheme.

The scheme allows members who are self-employed or those who do not earn a regular income to make contributions.

Members are allowed to save beyond the employee contribution statutory rate to rebuild their funds.

Amir Hamzah recently expressed concern about retirement security, especially with 46% of EPF members below the age of 55 having less than RM10,000.

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