As we step into the year 2023, the i-Saaran EPF (Employee Provident Fund) has undergone significant changes to better serve its members. The i-Saaran EPF is a social security organization that aims to provide financial security and stability for employees in Malaysia. In this blog post, we will explore five important things you need to know about the i-Saaran EPF for the year 2023.
Enhanced Contribution Rates
Starting from January 2023, the contribution rates for employees and employers to the i-Saaran EPF have been increased. The employee contribution rate has been raised from 11% to 12%, while the employer contribution rate has been raised from 13% to 14%. This change ensures that employees receive a higher share of their income for their future retirement and financial well-being.
Voluntary Contribution Option
To further empower individuals to secure a better future, the i-Saaran EPF has introduced a voluntary contribution option. Starting from 2023, members can contribute an additional amount, over and above the mandatory contribution, to their EPF account. This option allows individuals to save more for retirement or to meet other financial goals, and it can be a great way to boost long-term savings.
Enhanced Online Services
Recognizing the importance of digital transformation, the i-Saaran EPF has enhanced its online services to provide members with greater accessibility and convenience. The i-Akaun platform has been upgraded to offer a user-friendly interface, allowing members to access their EPF account information, check their contributions, view their statement, and perform various transactions online. This enhancement ensures that members can manage their EPF accounts more efficiently and with ease.
Introduction of the i-Sinar Program
The i-Sinar program was introduced in 2020 to provide financial relief to eligible EPF members affected by the COVID-19 pandemic. In 2023, the i-Sinar program continues to support members who are facing financial difficulties. It allows eligible members to withdraw from their EPF Account 1 to ease their financial burden. The i-Sinar program aims to provide a safety net for individuals during challenging times and assists in meeting their immediate financial needs.
Focus on Sustainable Investments
In line with the global trend towards sustainable investments, the i-Saaran EPF has committed to integrating Environmental, Social, and Governance (ESG) factors into its investment decision-making process. The organization recognizes the importance of responsible investing and aims to contribute to sustainable economic growth and social well-being. The i-Saaran EPF is actively exploring investment opportunities that align with ESG principles, promoting positive environmental and social impact while seeking financial returns.
Conclusion
As we navigate through the year 2023, the i-Saaran EPF continues to evolve to meet the changing needs of its members. The enhanced contribution rates, voluntary contribution option, improved online services, and the introduction of the i-Sinar program highlight the organization's commitment to ensuring financial security and well-being for its members. Furthermore, by embracing sustainable investments, the i-Saaran EPF demonstrates its dedication to a more sustainable and responsible future. As a member, it is crucial to stay informed and take advantage of these new developments to secure a better financial future.
