You can open an EPF account at the age of 16 or above!
According to the information issued by the Employees Provident Fund Board (KWSP), people can register and open an EPF account if they are at least 16 years old, and they are eligible to open an account even if they are not employed and are entitled to the EPF dividends.
There are four options for voluntary contributions to the EPF , namely Self Contribution, Top-up Saving, i-Saraan and Kasih Suri Keluarga.
The public can contribute up to RM60,000 per year to their own provident fund, and banks in the country already offer the facility to contribute to their own provident fund. You can visit the Internet Banking of each bank and go to the Pay function to choose to pay your own EPF .
Generally, if you pay your EPF through Internet Banking, the EPF transaction record will appear after 3 days. People can check their deposit records through i-Akaun after 3 days of making their own contributions.
To encourage the self-employed to make their own EPF contributions, the government also introduced the Voluntary Pension Contribution Scheme (i-Saraan) years ago, which means that 15% or up to RM250 will be subsidized for self-employed people who make their own EPF contributions. Note! This scheme is only for self-employed people and not for working people.
