1malaysia retirement savings scheme
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8/7/2019 1Malaysia Retirement Savings Scheme
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1Malaysia Retirement Savings Scheme
Following the announcement from the Prime Minister Datuk Seri Najib Tun Razak in the2010 Budget tabling, the 1Malaysia Retirement Savings Scheme is introduced as the
Government's inisiative to ensure that the self-employed and individuals without fixed
monthly income have their own savings plan upon reaching the retirement age. Thisscheme is effective beginning 3 January 2010.
Details of the scheme are as follows:
A. PURPOSE
1. The 1Malaysia Retirement Savings Scheme is the Governments initiative to ensure
that the self-employed and individuals without fixed monthly income (e.g. taxi drivers,petty traders, farmers and fishermen) have their own savings plan upon reaching the
retirement age.
2. The 1Malaysia Retirement Savings Scheme is designed to encourage the self-
employed and those without fixed monthly income to contribute voluntarily based on
what they can afford.
3. The rationale for the implementation of the 1Malaysia Retirement Savings
Scheme is to:4.
a. Provide a channel for individuals who are self-employed and individualswithout fixed monthly income to have a savings fund for the purpose ofretirement.
b. Increase the number of these self-employed individuals to save up with theEPF.
c. Express the Governments sensitivity towards the self-employed group by
providing an insentive for this group to save up for their retirement.
B. APPLICATION TO OPT FOR THE 1MALAYSIA RETIREMENT SAVINGS
SCHEME
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B1. ELIGIBILITY TO APPLY
1. Malaysian citizen.
2. Self-employed refers to any individuals who are working with income and not an
employee; AND
3. Member of the EPF (If not yet a member, registration at the EPF counter is required by
using MyKad or via mail by submitting the Form KWSP 3 and a copy of MyKad).
B2. HOW TO APPLY
1. Using theApplication Form for the 1Malaysia Retirement Savings Scheme (KWSP16G(1M)) that can be obtained at the EPF counter or downloaded from this website
beginning 3 January 2010.
2. Application submission at the EPF counter or via mail.
C. CONTRIBUTION PAYMENT - 1MALAYSIA RETIREMENT SAVINGS
SCHEME
C1. TERMS OF PAYMENT
1. Have opted for the 1Malaysia Retirement Savings Scheme.
2. Minimum contribution payment amount is RM50.3. Maximum contribution payment amount is RM5,000.
C2. HOW TO MAKE PAYMENT
1. Using the1Malaysia Retirement Savings Scheme Payment Form KWSP 6A(2) that
can be obtained at the EPF counter or this website beginning 3 January 2010.
2. Submission of Payment Form together with cash/cheque at the EPF counter.
http://www.kwsp.gov.my/index.php?hdl=bin&rp=320http://www.kwsp.gov.my/index.php?hdl=bin&rp=921http://www.kwsp.gov.my/index.php?hdl=bin&rp=921http://www.kwsp.gov.my/index.php?hdl=bin&rp=921http://www.kwsp.gov.my/index.php?hdl=bin&rp=922http://www.kwsp.gov.my/index.php?hdl=bin&rp=922http://www.kwsp.gov.my/index.php?hdl=bin&rp=320http://www.kwsp.gov.my/index.php?hdl=bin&rp=921http://www.kwsp.gov.my/index.php?hdl=bin&rp=921http://www.kwsp.gov.my/index.php?hdl=bin&rp=922 -
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C3. GOVERNMENTS CONTRIBUTION AND CREDITING
1. Apart from the yearly dividend, the 1Malaysia Retirement Savings Scheme will also
receive the Governments contribution of 5% subject to a maximum amount of RM60 per
year. This contribution by the Government will only be for a period of 5 years from 2010 2014.
2. The EPF will make the claim for the Governments contribution. The amount will be
credited into the members account upon receipt of the Governments contribution by theEPF.
D. ENQUIRIES
Should you have any enquiries or require further information on the 1Malaysia
Retirement Savings Scheme, please contact:
Any nearbyEPF Offices.
EPF Call Management Centre, Tel: 03-89226000.
Enquiry
Please quote your Identification Card number or EPF membership number when you
contact the EPF.
E. Frequently Asked Questions (FAQ)
To view the Frequently Asked Questions (FAQ) regarding the 1Malaysia Retirement
Savings Scheme, please clickhere.
http://www.kwsp.gov.my/index.php?ch=p2corporateinfo&pg=en_p2corporateinfo_epfoffice&tpt=32ene&lang=enhttp://www.kwsp.gov.my/index.php?ch=p2corporateinfo&pg=en_p2corporateinfo_epfoffice&tpt=32ene&lang=enhttp://www.kwsp.gov.my/index.php?ch=rcm&page=rcm&call=rcmformhttp://www.kwsp.gov.my/index.php?hdl=bin&rp=919http://www.kwsp.gov.my/index.php?ch=p2corporateinfo&pg=en_p2corporateinfo_epfoffice&tpt=32ene&lang=enhttp://www.kwsp.gov.my/index.php?ch=rcm&page=rcm&call=rcmformhttp://www.kwsp.gov.my/index.php?hdl=bin&rp=919