by NUR HANANI AZMAN / pic by MUHD AMIN NAHARUL
THE Employees Provident Fund (EPF) will launch the i-Sayang facility in the first quarter of 2022, as part of its on-going effort to improve the livelihood of the people.
Its chairman Tan Sri Ahmad Badri Mohd Zahir said the facility will allow for the voluntary transfer of 2% EPF contributions from the husband’s to the wife’s account.
He said another facility the retirement fund is set to launch is i-Lindung, which allows the withdrawal from Account 2 to purchase life and critical illness insurance through the EPF platform.
“Other initiatives we are exploring include the gradual approach towards mandating legal EPF coverage to non-agriculture informal sector workers.
“We will also be advocating our voluntary excess scheme where members can compel their employers to increase their EPF contribution to more than the 11% statutory rate,” he said in his opening speech at the 9th International Social Wellbeing Conference ISWC 2021 today.
As at October 31, 2021, a total of RM101.1 billion have been withdrawn under i-Lestari, i-Sinar, and i-Citra.
This is equivalent to 22% of the total RM530 billion of the government stimulus programme as a support to Malaysian society as a whole.