TOTAL contributions for the i-Saraan programmme amounted to RM2.6 billion for the year 2024, with the government providing RM114.8 million in incentives to 529,667 members.
This marks a significant increase compared to 2023, where the government allocated RM54.7 million in incentives to 383,082 members.
In 2022, the government had allocated RM33.2 million in incentives to 291,743 members, Finance Minister II Datuk Seri Amir Hamzah Azizan said.
"As a result, total contributions received for i-Saraan in 2023 amounted to RM1.44 billion compared to RM888 million in 2022," he said during the question-and-answer session in the Dewan Negara today.
In response to Senator Hasbie Muda's query on the allocations for the i-Saraan and i-Suri programmes under the EPF, Amir Hamzah added the government has announced enhancements to the i-Saraan programme, including an increase in the matching incentive from 15 per cent to 20 per cent, subject to a maximum of RM500 per year and a lifetime limit of RM5,000 per individual under Budget 2025.
Eligibility for the incentive applies to individuals under the age of 60, he noted.
Meanwhile, Amir Hamzah reported that 75,196 members have received government incentives totaling RM11.4 million under the i-Suri EPF scheme.
The number of recipients has increased by 77 per cent compared to 42,759 members in 2023, he shared.
The incentive rate for i-Suri in 2024 is a matching contribution of 50 per cent for every ringgit contributed to the EPF, with a maximum incentive of RM300 per year.
"This incentive is subject to a lifetime limit of RM3,000 per individual under the age of 55," he added.
In another development, Amir Hamzah announced that the number of contributors with basic savings has increased by seven per cent in 2024 to 37.3 per cent or 2.75 million members.
The i-Saraan initiative, introduced by the Employees' Provident Fund (EPF) is a voluntary contribution programme designed to assist self-employed individuals and gig economy workers with no fixed income, providing them with special government incentives to save for retirement.
While, the i-Suri program, also a voluntary contribution initiative, is targeted at the wives of heads of households (KIR) or women registered in the e-Kasih database, aiming to improve the welfare of housewives and recognise their contributions to family and national development.
As part of the government's ongoing efforts to assist the most vulnerable segments of society, the government has also increased the allocation for targeted subsidies, including the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) programmes, which have reached a record RM13 billion for 2025, compared to RM10 billion in 2024.
The Minister emphasised that while the i-Saraan programme focuses on individuals with additional capacity to save for retirement, the i-Suri programme is more focused on providing support to those most affected by the rising cost of living. - March 13, 2025
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