The Employees’ Provident Fund (EPF) has recently added a new feature to its i-Akaun app which makes it easier for members to perform self contribution to their EPF accounts. As the name would suggest, self contribution or voluntary contribution is funds credited into EPF accounts by members’ themselves which is intended to grow their retirement fund even further.
Previously, self contribution can only be made through the EPF official website or personally going to EPF branches. Now, users can easily make contribution by selecting the ‘+ Add contribution’ option found right your EPF account detail on the app’s home page.
It would then prompt the ‘Voluntary Contribution’ page to open in which you can enter the amount that you want to self contribute to your EPF account. Do note that the minimum amount that can be contributed is RM10 and the maximum being RM60,000 within a calendar year.
Once you’ve keyed in the amount, slide the menu bar to continue and you’d then be directed to another page to select the online banking account you’d like to credit the contribution from. Click next and confirm the transaction request via TAC and that’s it!
Of course, it goes without saying that once the amount has been credited into your EPF account, you can’t withdraw from the fund unless you’re eligible for withdrawals under EPF. All and all, this is definitely a convenient option for those that want to build up their retirement fund through EPF without solely depending on mandatory contribution.
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