KWSP i-Saraan Subsidy Scheme will end at the end of this year!
In order to encourage self-employed people to pay their own EPF , the government has launched the i-Saraan Self-contribution EPF Subsidy Scheme. Self-employed persons who participate in the i-Saraan scheme will receive 15% of the government subsidy or up to RM250.
The i-Saraan scheme will be implemented from 2018 until 2022. If the government does not announce any further extension of the i-Saraan scheme this year, it means that the additional 15% subsidy will not be available to self-employed persons who contribute to the EPF from 2023 onwards.
To participate in the i-Saraan scheme, you must be a Malaysian citizen and must be self-employed. You must be under 55 years of age. Participating i-Saraan members will be entitled to the benefits of the Employees Provident Fund Board (EPFB) such as annual dividends and tax exemption up to RM 4000, death and disability pensions (RM 2500) from the EPFB, etc.
If you contribute RM 1,000 to your EPF account for a 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).
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 are paying your own monthly EPF , 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 approves your i-Saraan application, you will be able to make your own EPF contributions through Internet Banking.
