The Self Contributory Provident Fund Scheme (i-Saraan) benefits have been increased from RM300 to RM500.
According to a circular issued by the Employees Provident Fund Board (KWSP), self-employed persons aged below 60 years old are eligible to participate in the Self Contributory Provident Fund Scheme (i-Saraan). Participants will receive a 15% subsidy or a maximum of RM500 per annum from the government.
It is worth mentioning in particular that the government has set a lifetime limit for members participating in i-Saraan from 2024 onwards, which means that each person can only receive a lifetime maximum subsidy of RM5,000.
If you are self-employed, you need to remember to register for i-Saraan so that you can enjoy the 15% subsidy or a maximum of RM500 per annum on your CPF contributions.
Simply put, you only need to contribute RM3,334 to get the RM500 subsidy from the government. i-Saraan subsidy will be disbursed in two installments, one in February-March and one in September-October.
Self-employed persons who are interested to participate in i-Saraan can open the KWSP i-Akaun APP and find i-Saraan to register for the program. After completing the registration, you can make your own CPF contributions.
Self-employed CPF members are entitled to all the benefits offered by the CPF Board, including dividend payouts, death benefits, and more.
