KUALA LUMPUR: The Employees Provident Fund (EPF) signed a memorandum of understanding (MoU) with Grab Malaysia (Grab) to encourage its drivers and delivery partners to save for their retirement.
In a statement today, EPF said, the MoU was a continuation of the first MoU signed between the two parties in August 2018.
The i-Saraan programme is via voluntary contribution and designed to allow individuals in the gig economy and self-employed to save up for their retirement through contributions to the EPF.
The i-Saraan programme is open for those below 55-years-old while those above the age can opt for the self-contribution programme.
EPF said starting Sept 1, Grab would offer incentives for qualified independent partners as outlined under the MoU.
"This includes drivers and delivery partners below 55-years-old who contribute to EPF via i-Saraan. They will get an additional contribution of five per cent, up to maximum RM80 annually.
"Drivers and delivery partners aged 55-years and above who contribute to EPF via self-contribution will get an additional contribution of 10 per cent, up to a maximum RM120 annually.
"Also, drivers and delivery partners classified as persons with disabilities (PWD) across all age groups who contribute to the EPF via i-Saraan or self-contribution will get an additional contribution of 10 per cent, up to a maximum RM120 annually."
EPF chief executive officer Datuk Seri Amir Hamzah Azizan said this collaboration would enhance the retirement well-being of Grab drivers and delivery partners.
"We applaud Grab for their commitment to further incentivise and encourage individual accountability in planning for their retirement.
"This MoU also serves to promote financial literacy among them on the importance of retirement planning, amid the current challenging economic landscape that requires everyone to be mindful of their financial situation," he said.
Amir said joining i-Saraan or self-contribution would not only help Grab drivers and delivery partners to prepare for retirement, but they would also enjoy benefits as EPF members such as annual dividends, and tax reliefs.
Commenting on the collaboration, Grab Malaysia managing director, Sean Goh said they were honoured to partner with EPF as the government looks to create a more holistic social protection ecosystem.
"At Grab, we are committed to providing equal access to new income opportunities, and also help tackle underemployment by encouraging supplementary income via the digital economy - especially for those in unique circumstances, such as PWDs and retirees.
"Due to the pandemic, we saw a rapid increase in driver and delivery partner applications, with over 50,000 people joining the platform.
"They work hard every day to provide for themselves and their families, so it's on us to keep pushing the boundaries.
"That is why we have gone the extra mile to contribute an additional 10 per cent for partners aged 55- years and above who contribute via the self-contribution programme and for PWD partners, to encourage them to look after their livelihood," Goh said.
He added that Grab believes that this partnership is a step in the right direction, as public and private partners come together to promote good financial habits that build financial security among all Malaysians.