Skim Simpanan Persaraan 1Malaysia

Skim Simpanan Persaraan 1Malaysia was introduced in Malaysia Budget 2010 as a government's initiative to make sure self-employed and individuals without fixed monthly income have their own savings plan upon reaching the retirement age. The 1Malaysia Retirement Savings Scheme is designed to encourage the self-employed and those without fixed monthly income to contribute voluntarily based on what they can afford.

Apart from the yearly dividend, the 1Malaysia Retirement Savings Scheme will also receive the government's contribution of 5% subject to a maximum amount of RM 60 per year. This contribution by the government will only be for a period of 5 years from 2010 to 2014. KWSP will make the claim for the government's contribution twice a year based on the contribution for the first half of the year and second half of the year every year. The government's contribution will be credited into the member's account upon receipt of the amount from the government.

Eligibility:

• Malaysian citizen
• 'Self-employed' 'refers to any individuals who are working with income and not an employee, please refer to FAQ for more details.
• Member of KWSP

If you're not a member of KWSP and interested to sign up, just bring your myKad to the nearest KWSP branch and open a account. After that, you can request for application of 1Malaysia Retirement Savings Scheme. The minimum contribution is RM 50 each time and the maximum contribution will be limited to RM 60000 per year starting from Year 2013.