KUALA LUMPUR – The Employees Provident Fund (EPF) will launch the i-Sayang facility in the first quarter of 2022, as part of its on-going effort to improve the livelihood of the people.
Chairman Tan Sri Ahmad Badri Mohd Zahir said the i-Sayang facility will allow for the voluntary transfer of 2% EPF contributions from the husband’s to the wife’s account.
Another facility the retirement fund is set to launch is i-Lindung, which allows the withdrawal from Account 2 to purchase life and critical illness insurance through the EPF platform.
“Other initiatives we are exploring include the gradual approach towards mandating legal EPF coverage to non-agriculture informal sector workers.
“We will also be advocating our voluntary excess scheme where members can compel their employers to increase their EPF contribution to more than the 11% statutory rate,” he said in his opening speech at the 9th International Social Wellbeing Conference (ISWC) 2021, held both virtually and physically on November 23.
The two-day ISWC2021 was officially launched by prime minister Datuk Seri Ismail Sabri Yaakob.
EPF chief executive officer Datuk Seri Amir Hamzah Azizan, in his preliminary remarks, said one of the most worrying concerns exposed by the COVID-19 pandemic was the intensified issue of inequality.
“The issue of inequality has been festering well before the pandemic. While many nations have tried to stem the COVID-19 impact through intensive and short-term mobilisation of resources, these initiatives can only be temporary fixes, and not long-term solutions that are able to protect the lives and livelihood of the people.
“Therefore, this year’s ISWC has been scaled up as fellow organisers, comprising the country’s powerhouses, convened with an impressive line-up of speakers, to delve deeper into the issues of inequality and their many different facets that include economic, healthcare, and education inequalities,” Amir said.