Yesterday, I made a trip to the local EPF office to register for the 1Malaysia Retirement Savings Scheme. It had been on my to-do list for way too long, and I am glad I finally did it.
The 1Malaysia Retirement Savings Scheme is aimed at encouraging those who are self-employed or those without a fixed monthly income to put aside some money for retirement. As an additional incentive, from the years 2010-2014 the government will then contribute 5% of the contributed savings subject to a maximum of RM60 per year. Because of this clause, I chose to contribute the amount of RM1200, just so I could maximize on the full RM60 government contribution 🙂
Registering for the 1Malaysia Savings Scheme was seamless. I had already downloaded the form from the EPF website, both the registration form and the savings contribution form, and had filled them up. The EPF office was virtually empty, and I was attended to almost immediately. It took the office-in-charge about less than 5 minutes to enter my particulars, then my thumbprints were taken and I was good to go.
Previously the savings contribution could be made directly at the EPF counters, but now, they only accept payments at certain agent banks. There are 4 agent banks currently: RHB Bank, Maybank, BSN and Public Bank. In my case, the nearest bank was BSN. So I walked over, gave them the filled-up form for contribution, together with a cheque for RM1200.
And that was that. 🙂 Easy-peasy lemon squeezy… one more item to check off my list of things to do! 🙂
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So you have to discipline yourself to pay EPF every month?
Btw, are you on any referal program with Exabyte? I am just asking as I am thinking to sign up with them.
The Giddy Tigress says: Nope, with this 1Malaysia Retirement scheme, you are not obliged to contribute on a regular basis, but as and when you are able and willing. So it’s very flexible.
As for Exabytes, yes, I am an affiliate of Exabytes. If you are interested to sign up (and help by giving me a little bit of referral commission) please do click on the Exabytes banner on my sidebar 🙂 Thanks Rachel!