Self Employed and those without Fixed Income like blogger, freelancer, fishermen, hawkers, taxi drivers, farmers, MLM distributor, direct seller and homemakers can open an Employees’ Provident Fund (EPF) Account now under 1 Malaysia Retirement Scheme to get free money from government.
Based on the scheme, Government will contribute 5% for every RM100 paid to the scheme, subject to a maximum of RM60 yearly, for 5 years. Although RM60/year is not a huge amount, but enough to pay off your credit card service tax of RM50 per principal card which will be implemented start from 1 January 2010 as proposed in Budget 2010.
“Employees and employers of the private sector are mandated under the EPF Act 1991 to contribute to the EPF. However, the ultimate objective of the EPF is to ensure that all Malaysians have a basic financial nest for their retirement comfort, hence we would like to open up the EPF’s membership to encourage more individuals to save for their old age,” said Rusma Ibrahim, EPF’s Deputy Chief Executive Officer, Management & Organization Development. Source: KWSP Malaysia
Good News for Property Investor
Besides, another new scheme will be introduced by government in January 2010 to increase the purchasing power of EPF contributors. The arrangement will enable EPF savings to be taken into consideration to obtain higher financing to purchase higher value or additional houses. It is a good news for property investment in Malaysia.
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government no more money liao, now they must ‘cheat’ those who are self-employed. I wonder how much debt our EPF got themselves into…