PETALING JAYA: This could be a factor in the increase in Employees Provident Fund (EPF) members who are voluntarily contributing more to their account: The user-friendly and interactive KWSP i-Akaun app that helps you manage your EPF savings easily.
The app allows members to see their total savings for both Account 1 and Account 2 right away, along with the yearly dividend rates credited into the account.
Members can also track their own and their employers’ contributions.
An interesting feature is a retirement savings calculator with which members can calculate their estimated total savings by age 55.
After keying in the estimated increments, annual bonuses and current salary, the calculator will show how much can be withdrawn monthly after retirement.
Seeing this figure might well motivate members to increase their contributions.
And the app makes voluntary contributions easily too. Members can contribute more beginning with just RM10 from their bank accounts.
The app also allows withdrawals under certain conditions.
Self-employed individuals can sign up for the i-Saraan voluntary contribution initiative. They will be eligible for special incentives from the government, such as 15% added to their total contributions, up to a maximum of RM500.
There is also i-Sayang, through which members can contribute to their spouse’s account.
To make it more interactive, there is also a blog with helpful tips about financial literacy as well as a live chat option if users encounter any difficulties or have queries.
