One for the Retirement Fund…

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!