by TMR / pic by MUHD AMIN NAHARUL

THE Employees Provident Fund (EPF) has signed a Memorandum of Understanding (MoU) with GoGet Malaysia (GoGet), the country’s on-demand work platform, to financially protect and prepare the community of gig workers, who are referred to as ‘GoGetters’, for retirement. 

GoGet will be the first in Malaysia to include EPF contribution features in the GoGet platform that is integrated and customisable. 

“This is part of the efforts to encourage GoGetters to contribute to their retirement savings through the EPF’s voluntary contribution programmes such as i-Saraan and self-contribution,” EPF said in a statement today.

The i-Saraan is a voluntary contribution programme that allows individuals below age 55 in the gig economy and the self-employed to save up for their retirement via contributions to the EPF. 

Under i-Saraan, members will receive Government incentives of up to 15 per cent of the individual’s annual contribution, subject to a cap of RM250 per year.

“The collaboration with GoGet is part of the EPF’s agenda to cast the social security net wider and extend coverage to those in the informal sector and gig workers,” said EPF CEO Datuk Seri Amir Hamzah Azizan said,

Gig workers with existing EPF accounts simply have to give consent to opt into the programme and set their contribution rate.  

GoGetters who are working part-time and attached to a formal employer; or those aged 55 and above, are also encouraged to contribute via the self-contribution programme, which is open to all individuals who can contribute any time up to a maximum of RM60,000 per year.

“By starting to save early and consistently even with a small amount, GoGetters will be able to benefit from the effect of compounding dividend,” said GoGet CEO Francesca Chia. 

Under the programme an individual who saves RM50 a month for 30 years will be able to accumulate savings of RM47,000 after 30 years, or more than double their total contribution of RM18,000, she added.