i-Saraan Contributions Reach RM2.6 Bln In 2024, Government Channels RM114.8 Mln To Over 500,000 Members – Amir Hamzah
KUALA LUMPUR, March 13 (Bernama) -- Total contributions to the i-Saraan programme, a voluntary scheme under the Employees Provident Fund (EPF), amounted to RM2.6 billion in 2024, said Finance Minister II Datuk Seri Amir Hamzah Azizan.
He said that out of this amount, the government's incentive allocation was RM114.8 million, benefiting 529,667 members.
"This marks a significant increase compared to the government's incentive of RM54.7 million for 383,082 members in 2023 and RM33.2 million for 291,743 members in 2022.
"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.
He was responding to Senator Hasbie Muda's query on the allocations for the i-Saraan and i-Suri programmes under the EPF.
Amir Hamzah further explained that 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 totalling 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 percent in 2024 to 37.3 per cent or 2.75 million members.
-- BERNAMA