Good news! Provident Fund Board members can register online to participate in the i-Saraan plan!
If you are in contact with i-Saraan for the first time, then here is an introduction to i-Saraan. i-Saraan is a self-employed self-paid provident fund subsidy program launched by the government. Self-employed people who participate in this program will receive 15% of the government subsidy or a maximum of RM250.
The conditions for participating in the i-Saraan program are as follows. First, you must be a Malaysian citizen and you must be a self-employed person. You must be under 55 years old. People participating in i-Saraan will receive a government subsidy, which is 15% or a maximum of RM250.
If you deposit RM 1,000 into your provident fund account throughout the year, the government will subsidize you RM 150 (RM 1,000 X 15% = RM 150). If you pay RM 2,000 for the entire year, the government will provide an additional subsidy of RM 250 (RM 2,000 X 15% = RM 300, and the government will only subsidize RM250 at most).
EPF members participating in i-Saraan will enjoy the benefits of the Employees’ Provident Fund Board, such as annual dividends and tax exemption of up to RM 4000, and enjoy the EPF Board’s death pension and disability pension (RM 2500) and so on.
Notice! Only members who have registered to participate in i-Saraan can receive government subsidies of up to RM250. If you are not registered to participate in i-Saraan and you pay your provident fund every month, you will not be able to get the government’s RM250 subsidy.
You can directly go to the nearby Employees Provident Fund Bureau (KWSP) counter to apply for registration to participate in i-Saraan, you can also directly register online to participate in i-Saraan. You can browse https://online.kwsp.gov.my/isaraanReg/, enter your ID number, and choose your occupation. Then tick the terms and regulations and perform human-machine identity verification, and then click Submit. The Provident Fund Board will process your application.
Online registration for i-Saraan is available from 8 am to 9 pm from Monday to Friday, and from 5 am to 7 pm on Saturdays, Sundays and public holidays. It will not be possible to apply smoothly at other times.
After the Provident Fund Board approves your i-Saraan application, you can pay the provident fund by yourself through Internet Banking. The limit for self-employed persons to pay their provident fund is a maximum of RM60,000 per year. Internet Banking that supports self-paid provident funds includes MBSB, Maybank, RHB, Public Bank, Bank Muamalat, Alliance Bank, Hong Leong Bank, Bank Islam and CIMB.
