KWSP officially launches the i-Sayang scheme.
The Employees Provident Fund Board (KWSP) has launched the i-Sayang scheme which will allow husbands to transfer 2% of their monthly provident fund contributions to their wives’ provident fund accounts. The scheme will be voluntary and the government is not mandating all husbands to participate in i-Sayang.
The i-Sayang scheme is subject to the following conditions: the applicant can be a Malaysian citizen or non-Malaysian citizen, must be a member of the CPF Board, must be under the age of 75, and must be legally registered under the laws of Malaysia.
It is important to note that once participating in the i-Sayang scheme, the husband cannot request for termination of the scheme unless the wife passes away or divorces her. After participating in the i-Sayang scheme, the CPF Board will transfer the husband’s 2% contribution to the wife’s CPF account after 2 months.
The husband can only transfer the 2% contribution to his wife’s CPF account and the husband cannot transfer more than 2% contribution to his wife’s account. The 2% contribution provided by the husband will also be remitted to the wife’s CPF account 1 and CPF account 2 in the ratio of 70% to 30%.
Members can participate in i-Sayang in two ways, either directly through i-Akaun (Ahli) or by filling out a form at the nearest CPF office counter. Only the husband is required to apply for participation in i-Sayang, while the relevant documents (divorce certificate or wife’s death certificate) are required to apply for termination of the scheme.
