The Employees Provident Fund (EPF) is launching the i-Sayang facility in the first quarter of 2022, as part of its initiative to improve the people's livelihood.

As announced by the EPF's chairman Tan Sri Ahmad Badri Mohd Zahir in his speech at the 9th International Social Wellbeing Conference ISWC 2021 today, the facility will allow for the voluntary transfer of 2% EPF contributions from the husband's to the wife's account. 

Another facility the EPF 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.“ He explained. “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% statutory rate,”. 

What do you think of these new initiatives? 

Source: The Star