EPF collaborates with Grab to encourage Driver and Delivery Partners to save for Retirement

The Employees Provident Fund (EPF) and Grab Malaysia (Grab) have signed a Memorandum of Understanding (MoU) to encourage Grab’s community of driver and delivery-partners to save for their retirement via the EPF’s i-Saraan programme for those below the age of 55 or self-contribution programme for those aged 55 and above.

Memorandum of Understanding (MoU) 

• to encourage Grab’s community of driver and delivery-partners to save for their retirement via the EPF’s i-Saraan programme
• to enhance the retirement well-being of its driver and delivery-partners

I-Saraan Programme

• A voluntary EPF contribution programme that allow individuals in the GIG economy and the self-employed to save up for their retirement 
• Government incentives of up to 15 percent of annual contribution, subject to a cap of RM250 per year 
  ** Kindly refer to our sharing dated 24 March 2021 to understand in details about I-Saraan
      https://www.mywave.biz/index.php/resources/sharing/80-epf-voluntary-contribution-i-saraan 
  

Starting 1 September 2021, Grab will offer the following incentives for qualified independent partners as underlined under the MoU: 

How attractive of benefit from the effect of compounding dividend? Lets’ see… 

Example 1:

• An individual who saves RM10 a month for 30 years 
• Estimated accumulate savings of RM8,220 to be received, double of total contribution!! 

Example 2:  

• If qualified partners save RM140 monthly under the MOU (Grab + I-saraan incentive) 
• Estimated accumulate saving of RM114,840 in 30 years.

Source From:

https://www.kwsp.gov.my/-/epf-collaborates-with-grab-to-encourage-driver-and-delivery-partners-to-save-for-retirement 

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