The Employees Provident Fund (EPF) has scrapped the RM50 minimum ruling for members who voluntarily contribute to their accounts.
While they can contribute any amount to the retirement savings fund, the accumulated maximum amount to be contributed into each account, however, remains capped at RM60,000 per annum.
The voluntarily contribution to the EPF accounts is either through the 1Malaysia Retirement Scheme (SP1M), self-contribution or the top-up savings contribution.
“Non-Malaysians with a legal work permit may also contribute voluntarily by registering as a member,” he said.
In addition to the removal of the RM50 minimum contribution, the top-up savings contribution will now enable members to contribute any amount to Account 1 belonging to their sons or daughters who are also EPF members.
Previously, the scheme only allowed EPF members to contribute to their parents’ or spouse’s Account 1.