KUALA LUMPUR, Nov 23 — The Employees Provident Fund (EPF) will launch the i-Sayang facility in the first quarter of 2022, as part of its on-going effort to improve the livelihood of the people.
Chairman Tan Sri Ahmad Badri Mohd Zahir said the facility will allow for the voluntary transfer of 2.0 per cent EPF contributions from the husband’s to the wife’s account.
Another facility the retirement fund is set to launch is i-Lindung, which allows the withdrawal from Account 2 to purchase life and critical illness insurance through the EPF platform.
“Other initiatives we are exploring include the gradual approach towards mandating legal EPF coverage to non-agriculture informal sector workers.
“We will also be advocating our voluntary excess scheme where members can compel their employers to increase their EPF contribution to more than the 11 per cent statutory rate,” he said in his opening speech at the 9th International Social Wellbeing Conference (ISWC) 2021, held both virtually and physically today.
The two-day ISWC2021 was officially launched by prime minister Datuk Seri Ismail Sabri Yaakob.
On the conference, Ahmad Badri said this year’s ISWC aims to lay out the different aspects of the global inequality issues.
“Together we believe that an improved social protection framework could assist us in minimising, if not eradicating, its negative impact to humanity,” he said.
Meanwhile, EPF chief executive officer Datuk Seri Amir Hamzah Azizan, in his preliminary remarks, said one of the most worrying concerns exposed by the COVID-19 pandemic was the intensified issue of inequality.
“The issue of inequality has been festering well before the pandemic. While many nations have tried to stem the COVID-19 impact through intensive and short-term mobilisation of resources, these initiatives can only be temporary fixes, and not long-term solutions that are able to protect the lives and livelihood of the people.
“Therefore, this year’s ISWC has been scaled up as fellow organisers, comprising the country’s powerhouses, convened with an impressive line-up of speakers, to delve deeper into the issues of inequality and their many different facets that include economic, healthcare, and education inequalities,” Amir said.
The two-day ISWC 2021 is jointly organised by the EPF, Ministry of Finance Ministry, Implementation Coordination Unit of the Prime Minister’s Office, and International Social Security Association.
Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz is scheduled to close the conference tomorrow.