EPF signs MoU with Uber to help drivers save for retirement

PETALING JAYA: The Employees Provident Fund (EPF) today signed a Memorandum of Understanding with Uber Malaysia to encourage its drivers to save for their retirement through the 1Malaysia Retirement Savings Scheme (SP1M).
EPF chief executive officer Datuk Shahril Ridza Ridzuan applauded the move, saying that the SP1M was introduced in 2010 in response to the growing number of Malaysian informal sector workers who do have enough savings or financial assets to provide for their retirement.
He added that Uber has agreed to other forms of collaboration, which included a series of talks on financial planning by EPF and allow them to promote retirement plans.
General manager for Uber in Malaysia Warren Tseng echoed this sentiment, saying that "we want to encourage them to take charge and be in the driver's seat of their own retirement."
Under the SP1M scheme, individuals may voluntarily contribute a RM50 minimum into their account up to a maximum of RM60,000 annually.
They are also entitled to earn dividends on their savings.
On top of the yearly dividends and EPF benefits, the government will contribute 10% of annual contributions to a maximum of RM120 per year until the year-end for members below the age 55.
The EPF is currently in discussions with the government to continue extending this benefit.