KUALA LUMPUR, 22 SEPTEMBER 2022 – SK magic Malaysia and the Employees Provident Fund (EPF) have joined hands together to encourage its sales agents who are solely commission-based to save for their retirement through the EPF’s voluntary contribution scheme.
The EPF Voluntary Contribution is a scheme that allows EPF members who are self-employed and do not earn a regular income to make voluntary contributions of any amount up to a maximum of RM60,000 per year to their EPF account any-time and within their financial ability. Through this EPF scheme, commission-based individuals and those who work in the “gig company” are able to save and better plan for their future retirement wellbeing. Not only do members get to prepare for their retirement, they will also be able to enjoy benefits such as annual dividends, tax relief, and other benefits accorded to EPF members.
Starting from September, SK magic Malaysia will provide attractive incentives to eligible sales agents according to their job positions. To start, all SK magic Malaysia’s Magic Specialists will first be eligible for an additional 8% contribution, up to a maximum of RM1,500 per year; then, the Magic Manager will be eligible for an additional 15% contribution, up to a maximum of RM4,000 per year; the Senior Magic Manager will be eligible for an additional 15% contribution, up to a maximum of RM7,000 per year; and finally, the Chief Magic Officer will be eligible for an additional 15% contribution, up to a maximum of RM10,000 per year.
SK magic Malaysia’s Managing Director, Andy Kim said, “We are thankful for the EPF in helping to create a holistic future for every Malaysian. We at SK magic Malaysia are committed to ensuring that everyone has equal access to diverse economic opportunities. We also strive to combat labour shortages by providing financial assistance through the digital economy, particularly to individual in special circumstances such as retirees or individual with disabilities.
“As a result of the pandemic that took the entire world down for a great two years, we have seen many individuals suffered as they lost their main source of income and how they strive to provide for their families. This got me to realise that it is us that can make a change to their world by providing an opportunity for them to rise again. With that said, we have gone beyond to provide additional 8% – 15% to our agents who contribute through the EPF Voluntary Contribution,” he added.
EPF Senior Manager of Central Region Head Office, Mr Nor Azhar bin Abdul Mokti said, “SK magic Malaysia’s initiative for its sales agents will help improve the retirement well-being of its sales agents. We applaud SK magic Malaysia’s unwavering dedication to motivating and inspiring its sales representatives to take charge of their retirement planning. We hope that this initiative with the EPF will help boost their financial literacy as it is important for us to have financial capability as a life skill that can prepare us for any eventualities.”