Start Your Retirement Savings with Just RM50

 

WE all have dreams to succeed in life, whether we are a freelancer, business owner, singer, actor, trainer, insurance agent or even a housewife. Achieving success in whatever we do also meant having the ability to retire with a peace of mind.

 

The 1Malaysia Retirement Savings (SP1M) scheme has been exclusively designed for you to achieve that peace of mind. This flexible retirement scheme is ideal for self-employed individuals and those without a fixed monthly income, as it allows you the flexibility to voluntarily contribute any amount and at any time.

 

The SP1M scheme, which is part of the Employees Provident Fund (EPF), allows you to make a contribution from as low as RM50 each time, thus allowing you the freedom to plan out your budget according to your affordability. You are also given the benefit of being able to withdraw your savings at any time, according to terms and conditions of the EPF.

 

In essence, the SP1M scheme allows you to more or less have peace-of-mind as you pursue your dream career or startup, while building up a solid savings in a flexible scheme for your retirement in the future.

 

Contributing to SP1M allows you:

 

1. The flexibility to contribute according to your own schedule and

    affordability

2. To accumulate annual KWSP dividend

3. Income tax exemption of up to RM6,000 (lifetime insurance)

4. To be the recipient of an additional 10% contribution from the  

    government*

 

* Subject to a maximum of RM120 annually for four years only.

   For members aged 55 years old and below only.

 

Registering for SP1M

Signing up as an SP1M member is easy. There are two ways to go about it:

  •  For non-EPF members, register by completing the KWSP3  Form and submit it together with a copy of your myKad at  any EPF counter.
  • For EPF members, fill in the KWSP 16G (1M) Form available at any EPF counter.
 

You can start contributing immediately after your application has been verified and you have been certified as an SP1M member. All you need to do is submit a completed KWSP 6A (2) Form with the cash or cheque at any EPF counter or appointed bank agents (RHB Bank, Maybank, Public Bank and BSN).

 

It is that easy to start building a solid foundation for a comfortable retirement. Through the SP1M scheme, you can continue to pursue the life you want, while having peace of mind knowing that your retirement savings for the future is secured.

 

To find out more, log on to KWSP website or contact the call centre at 03-8922 6000.

 

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