Penang: The Employees Provident Fund’s (EPF) i-Saraan programme has been recognized as a significant initiative aimed at empowering the younger generation with financial knowledge and awareness. Deputy Finance Minister Lim Hui Ying emphasized the programme’s importance, highlighting its extension to teenagers as young as 14 years old, in addition to supporting self-employed individuals such as small traders, farmers, fishermen, and housewives.

According to BERNAMA News Agency, Lim, who also serves as the Tanjong Member of Parliament, underlined the programme’s role in nurturing a culture of savings and enhancing financial management awareness from an early age. This, she noted, is essential for preparing future generations to face economic challenges with resilience. The remarks were made during her speech at the EPF i-Saraan Contribution Presentation Ceremony for Tanjong B40 Students, which was attended by students and teachers from five schools, including St. Xavier’s Institution and SMKA Perempuan Al-Mashoor.

Lim further explained the financial incentives associated with the i-Saraan scheme. Contributors are eligible for a matching annual government incentive of 20 percent, capped at RM500, with a lifetime maximum of RM5,000. In 2024, the government allocated RM114.8 million for this scheme, benefiting over 529,000 contributors.

In a gesture of support, Lim announced her personal contribution of RM10,000 to open i-Saraan accounts for 200 students from the B40 group. Each student will receive RM50 to initiate their savings, serving as both a financial boost and an encouragement towards achieving financial literacy.