Grab Collaborates With EPF — Giving Their Drivers A Voluntary Retirement Savings Program
Grab has recently signed a Memorandum of Understanding (MoU) with EPF to encourage their drivers to save for their retirement through Caruman Sukarela Insentif Persaraan (i-Saraan).
Grab Teams Up With EPF
With the partnership, Grab drivers can enjoy the same benefits as an EPF members, such as annual dividends on their retirement savings, tax relief, death benefit, and also access to EPF’s Retirement Advisory Service at free-of-charge.
The government will top up an additional 15% of annual contributions to a maximum of RM250 per year until 2022 for members below the age of 55.
With i-Saraan, which was previously known as the 1Malaysia Retirement Savings Scheme (SP1M), is designed to allow individuals who are self-employed that receive no regular monthly income to save for their retirement while enjoying the same benefits as EPF members.
Starting from 16th August 2018, Grab will also be providing of 5% on the amount contributed by selected driver-partners, subject to a maximum of RM80 a year, adding to the Government incentives provided.
You can find out more on i-Saraan by clicking on the link right here.
Pokdepinion: That’s nice of them to give back to their drivers. At least they have something as a backup in the future. Not sure if it will provide much, but still, it is there for them.