EPF, Grab Sign MoU To Encourage Retirement Saving Among Drivers And Delivery Partners
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(Image: The Edge Markets)

The Employees Provident Fund (EPF) has signed a memorandum of understanding (MoU) with Grab Malaysia to encourage the tech giant’s driver and delivery partners to save for their own retirement. It is an extension of an earlier MoU that was already signed between the EPF and Grab back in August 2018.

Specifically, the EPF hopes to see more of Grab’s fleet sign up as EPF members via two programmes: the i-Saraan programme and the self-contribution programme. The i-Saraan programme is designed to help gig workers and self-employed individuals below the age of 55 to save up for their retirement via voluntary contributions to the EPF. Meanwhile, the self-contribution programme allows any individuals (including those aged 55 and above) to make contributions at any time, up to a maximum of RM60,000 per year.

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This latest development will also see Grab offering several incentives starting from 1 September 2021 to encourage its driver and delivery partners to make EPF contributions. The incentives that are being offered include:

GroupsIncentives by Grab
Driver and delivery partners below the age of 55 who contribute to EPF via i-SaraanAdditional contribution of 5% (up to maximum RM80 annually)
Driver and delivery partners aged 55 years and above who contribute to EPF via self-contributionAdditional contribution of 10% (up to a maximum of RM120 annually)
Driver and delivery partners classified as persons with disabilities (PWD) across all age groups who contribute to the EPF via i-Saraan or self contributionAdditional contribution of 10% (up to a maximum of RM120 annually)

In signing the MoU, the chief executive officer of the EPF, Datuk Seri Amir Hamzah Azizan said that contributions to the EPF will not only help this group to prepare for their retirement, but also allow them enjoy benefits as EPF members. These include annual dividends and tax relief.

The managing director of Grab Malaysia, Sean Goh also chimed in to express the company’s commitment in providing equal access to new income opportunities and help tackle underemployment by encouraging supplementary income via the digital economy. “We are honoured to partner with EPF as the government looks to create a more holistic social protection ecosystem,” he said.

Goh also shared that Grab had experienced a substantial increase in driver and deliver partner applications, with more than 50,000 people joining the platform since the start of the Covid-19 pandemic.

(Sources: EPF, The Edge Markets)

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