There are 2 months left in 2022. If you are self-employed, you can participate in the i-Saraan Self-contribution Provident Fund and get 15% of the subsidy paid or a maximum of RM250.
I-Saraan is the government’s Self-employed Provident Fund (EPF) subsidy scheme, which is designed to encourage self-employed individuals to contribute to their own EPF.
If you are self-employed and under the age of 55, you are eligible to participate in i-Saraan. Interested parties can register for i-Saraan through KWSP counters or directly online. You can visit https://online.kwsp.gov.my/isaraanReg/ and after entering your ID number, select the occupation you are working in. Then just check the box and do the human ID verification under Terms and Regulations and 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. CIMB.
If you deposit RM 1,000 into 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).
EPF Board members who participate in i-Saraan will be entitled to the benefits of the Employees’ Provident Fund Board such as annual dividends and tax exemption up to RM 4000, CPF Board Death Benefit and Disability Benefit (RM 2500), etc.
