Here's How Malaysians Working Abroad Can Register For EPF Savings
All Malaysians below the age of 55 can register and make contributions to the Employees Provident Fund (EPF).
By Nandini Balakrishnan — 27 Dec 2016, 06:43 PM
The Johor EPF branch Retirement Advisory Service (RAS) officer, Faizal Abu Al-Ashari informed today that Malaysians working overseas can still make contributions to the Employees Provident Fund (EPF) through the 1Malaysia Retirement Savings Scheme (SP1M)
Faizal explained that Malaysians working abroad, that are below the age of 55 can register as EPF members to make savings until their retirement age.
"This also refutes the perception that Malaysians working abroad are not eligible to make savings with EPF. Actually, they can still save with the EPF," added Faizal.
Faizal made this clarification when speaking to Bernama today, 27 December.
The RAS officer also explained that SP1M was introduced by the government to encourage Malaysians who are self-employed or do not have a fixed income to contribute voluntarily to the EPF based on how much they can afford to set aside.
How to register to become a member with EPF?
Register at your nearest EPF office and make the payments at any of the counters in Maybank, Public Bank, RHB Bank or Bank Simpanan Nasional. Should you wish to make your contributions online, you can do it via Maybank or Public Bank.
For more details on the SP1M registration, head to the nearest EPF office or get in touch with them by calling 03-89226000.
Once registered, EPF members can contribute any amount between RM50 to RM60,000 annually, at any time. No fixed amount has been set and members will receive annual dividends based on current rates, like all other EPF members.
The Retirement Advisory Service was first introduced in 2014 to raise awareness on the important of retirement planning and offer advice and guidance to EPF members
It was said to be an initiative that was started under EPF's Social Security Excellence and Strategic Plan 2013-2017.
"Johor RAS branch was officially opened in October last year. A total of 1,500 members have come to our branch for advice about planning their savings.
"The customers are of various ages, races and background. They include civil servants, private sector employees, factory workers and the self-employed. They were very satisfied and left with better understanding of financial planning for retirement," added Faizal, as reported by Bernama today.
More than 17,000 EPF members had received advice from RAS officers since the organisation's launch a couple of years ago.