Good news! EPF Board members can go online and register for the i-Saraan scheme!
If you are new to i-Saraan, here’s an introduction to i-Saraan, the government’s Self-employed Provident Fund (SEP) subsidy scheme. i-Saraan is a 15% government subsidy or up to RM250 for self-employed persons.
To participate in the i-Saraan scheme, you must be a Malaysian citizen and must be self-employed. Your age must be below 55 years old. People who participate in i-Saraan will receive a government subsidy of 15% or a maximum of RM250.
If you deposit RM 1,000 into your EPF account for the whole year, the government will subsidize you RM 150 (RM 1,000 X 15% = RM 150). If you contribute RM 2,000 for the whole year, then the government will subsidize an additional RM 250 (RM 2,000 X 15% = RM 300, the government will only subsidize a maximum of RM 250).
EPF Board members who participate in i-Saraan will be entitled to the benefits of the Employees’ Provident Fund Board such as annual dividend payout and tax exemption up to RM 4000, EPF Board Death and Disability Pension (RM 2500), etc.
Note! Only members who have registered for i-Saraan are eligible for the government subsidy of up to RM250. If you are not enrolled in i-Saraan and you pay your own monthly EPF contributions, you will not be able to get the government subsidy of RM250.
Apart from applying for i-Saraan directly at your nearest KWSP counter, you can also register for i-Saraan directly online. You can visit https://online.kwsp.gov.my/isaraanReg/, enter your ID number and select your occupation. Next, check the box under Terms and Conditions and Human Identification Verification, then click Submit. The EPF Board will process your application.
Online registration for i-Saraan is available from 8am to 9pm Monday to Friday and from 5am to 7pm on Saturdays, Sundays and public holidays. Applications will not be submitted successfully at other times.
After the EPF Board has approved your i-Saraan application, you can make your own EPF contributions through Internet Banking. Self-employed persons are allowed to contribute up to RM60,000 per year to the EPF and CIMB.
