MyBenefits: Safety Net
Government Savings Scheme - EPF Suri Incentive programme (i-Suri)
Government subsidised retirement savings scheme for housewives
Posted on August 16, 2018
All information has not been verified by the relevant Ministry/Agency
New Malaysia | New Government Programmes |
EPF Suri Incentive programme (i-Suri)
Updated on August 16, 2018
What is this programme about?
Purpose of the Programme
The EPF Suri Incentive programme (i-Suri) is a new initiative by the new Pakatan government to provide a financial safety net in the retirement years to target groups of women from the hardcore poor and bottom lower-income households. This is a Voluntary Contribution with Special Government Incentive scheme for housewives, single mothers and single women who are registered with the National Database on Poverty (eKasih).
This GE14 Promised initiative was rolled out on August 15, 2018, with 592 qualified applicants who registered and open the first batch of i-Suri EPF accounts on the first day of registration.
This programme will be implemented in three phases.
In the first phase, the government will contribute a total of RM280 to each EPF i-Suri account in 2018, which works out to be RM40 a month.
Phase 2 will be implemented in 2019 and the monthly government contribution will be increased to RM50 a month which amounts to RM480 a year. The additional RM10 will go into the account holder’s Social Security Organisation (Socso) account.
As for the last phase is expected to be implemented in 2020 after the required legislative amendments that would allow the husband of i-Suri housewives to channel two per cent of the husband’s EPF contribution into the wive’s i-Suri account.
According to the Ministry of Women, Family and Community, as of June 30, 2018, a total of 359,065 housewives and women registered in the eKasih database qualify for the scheme. It was also reported in the media that the eKasih statistics revealed that there are a total of 221,890 housewives, 98,536 widows and 28,116 divorcees from the hardcore poor segment of the society.
For more information on eKasih, please contact the Malaysian Government Call Centre (MGCC) at 03-8000 8000. For more information on EPF products and services, please call the EPF Contact Management Centre (CMC) at 03-8922 6000 or refer to the EPF website at www.kwsp.gov.my, or visit any EPF branches nationwide.
Assistance: Monthly RM40/RM50 Retirement contribution by the government
Income Group: Ekasih Registered
Target Group: Housewives, single mothers and single women
Subsidy: Monthly RM40/RM50
Ministry: Ministry of Women, Family and Community
Web link: www.kpwkm.gov.my
Implementing Agency: Employee Provident Fund (EPF)
Web link: www.kwsp.gov.my
Telephone: EPF Communications Management Centre at 03-8922 6000
Application: Registration for the programme is available at the Employee Provident Fund (EPF) offices nationwide
What are myBenefits?
The benefits of the programme
Monthly RM40 (in 2018) and RM50 (in 2019) contribution from the government per account holder
Successful applicants receive the same benefits as other EPF members
Annual dividends on retirement savings
Disability aid and death benefits coverage
Retirement savings withdrawals at age 50, 55 and 60
Who can apply?
Resident in Malaysia
Housewives, single mothers and single women
Must be committed to making a minimum of RM5 a month contribution into the EPF i-Suri account
Income group - Registered with the National Poverty Database (eKasih)
eKasih income group qualification - Household income below the Poverty Line Income (PKG)2007; Rural households earning less than RM1,000 a month; Urban households earning less than RM1,500 a month
New Govt Programmes | EPF Suri Incentive programme (i-Suri) |
Posted on August 16, 2018
The EPF Suri Incentive programme (i-Suri) is a new initiative by the new Pakatan government to provide a financial safety net in the retirement years to target groups of women from the hardcore poor and bottom lower-income households. | Click to read > |
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