GEORGE TOWN: The Employees Provident Fund’s (EPF) i-Saraan programme is playing a crucial role in equipping the younger generation with financial knowledge and fostering a savings culture.
Deputy Finance Minister Lim Hui Ying highlighted its significance, noting that the initiative now includes teenagers as young as 14 years old.
Speaking at the EPF i-Saraan Contribution Presentation Ceremony for Tanjong B40 Students, Lim emphasised the programme’s benefits beyond self-employed individuals.
“This move will help to instil a savings culture and build financial management awareness from a young age so that future generations are better prepared and resilient in facing economic challenges,“ she said.
The event saw participation from students and teachers of five schools: St. Xavier’s Institution, Kolej Tingkatan Enam Hutchings, SMK Westlands, SMKA Perempuan Al-Mashoor, and the Penang Methodist Girls School.
Under the i-Saraan scheme, contributors receive a 20 per cent annual government incentive, capped at RM500 per year, with a lifetime limit of RM5,000. Lim, who is also the Tanjong MP, stressed that every ringgit saved is an investment for the future.
In 2024, the government allocated RM114.8 million for the programme, benefiting over 529,000 contributors. Lim also announced her personal contribution of RM10,000 to open i-Saraan accounts for 200 B40 students, providing each with RM50 as a starting fund.
“I hope that this is not just about opening an account but also a symbol of our confidence in your potential to take this step towards financial literacy,“ she added. - Bernama
