Ride-hailing service provider Grab has signed a Memorandum of Understanding with the Employees Provident Fund to encourage its drivers to participate in the fund’s voluntary retirement savings programme, Caruman Sukarela Insentif Persaraan (i-Saraan).
According to a report by Bernama, EPF CEO Datuk Shahril Ridza Ridzuan said that those who sign up for the programme will get a secure savings option as the fund has a proven track record of “sustainable, above-inflation returns,” enhancing the value of their savings in the long run.
“By contributing to the scheme, Grab driver-partners can enjoy the same benefits as an EPF member, such as annual dividends on their retirement savings, tax relief, death benefit and access to our retirement advisory service at no cost,” he said in a statement. Shahril also mentioned that for members under 55 years of age, the government will top up an additional 15% of annual contributions on top of the annual dividends and benefits, up to a maximum of RM250 per year until 2022.
Partnering with EPF would allow Grab to support the government’s initiative to create a more holistic social protection ecosystem, by firstly ensuring the retirement wellbeing of its driver-partners, said Grab Malaysia country head Sean Goh.
“In fact, based on a survey with our driver-partners, 75% of them have expressed interest to save for their retirement specifically through this collaboration. We, therefore, want to encourage them to take charge and be in the driver’s seat of their future financial security,” he said.
The company would also contribute an additional five percent of the amount contributed by selected drivers, up to a maximum RM80 per year, in addition to the government incentives provided.
i-Saraan, previously known as the 1Malaysia Retirement Savings Scheme (SP1M), is a programme designed to allow self-employed individuals without a regular monthly income to save for their retirement and receive the same benefits as EPF members. A similar agreement was signed last year by Grab’s then-rival Uber, which it has since merged with.
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Such a good move by our clean and smart Government to protect our Grab brothers.
This is what you call a Government that cares for its rakyat.
Meanwhile https://paultan.org/2018/08/01/grab-malaysia-sees-reduction-in-driver-registrations-after-new-rules-announced-by-ministry-of-transport/
Grab would also contribute an additional five percent of the amount contributed by selected drivers, up to a maximum RM80 per year, in addition to the government incentives provided.
RM80 per year is miserable… no need announce la…. if the driver drives for you for 20 years, he only gets RM1600 contribution from you. He cannot even buy an iphone for that. might as well you keep that RM80.
also those who register with EPF, government will know how much you earn and it’s time to pay your income tax.
Already have account
Grab’s so called prihatin concept. Its definately nonsense. Every single aspect are invested by drivers and they are deducting 25% of commission. GRAB only deserves max 10% comm.
Stupid grab. They only money minded. Rubbish.
Contrubution of Grab should be increased.
When is action going to be taken on Grab? ALL DRIVERS are miserable, exploited and struggle to make ends meet. The only reason they keep driving is that they have no choice, between jobs, taking care of sick family members, etc. They struggle to earn RM2,000 a month which is better than nothing. If they complain to Grab, they get blacklisted and terminated just like that. This monster horrible company needs to be regulated!
How to register for new Grab driver ?…interested. This is for full time only or partime including…. explain for me please tq
Beri peluang kepada pemandu GrabCar untuk mendapat kereta yang bersesuaian dengan kehendak penumpang atau pengunna yang memerlukan khidmat perjalanan GrabCar di masa akan datang.
Terima kasih dengan prihatin semua yang terlibat.