The Employees Provident Fund (EPF) has entered into a partnership with Grab Malaysia (Grab) and has signed a memorandum of understanding (MoU) to develop the i-Saraan program.
The move is aimed at encouraging fellow drivers to save for retirement savings through the i-Saraan program for members under 55 and voluntary contributions for individuals aged 55 and above.
Chief Executive Officer, Datuk Seri Amir Hamzah Azizan said it was hoped that the community of fellow drivers would register for retirement savings and become part of its members under the i-Saraan or voluntary contribution program.
The matter will also help in providing retirement assets and each member will receive rewards such as annual dividends, tax relief and other assistance to members.
Grab Malaysia managing director Sean Goh said it was optimistic to provide opportunities in providing new livelihoods as well as overcoming rising unemployment.
This cooperation is the best step where the cooperation between the public and the private sector can encourage financial holding and also strengthen the financial position of Malaysians.
Individuals who contribute under the i-Saraan program will receive a government incentive of 15% based on the total individual contribution per year up to a maximum of RM250 per year.
For individuals who contribute in the voluntary contribution program, they can contribute themselves at any time up to RM60,000 per year.
