i-Saraan Financial Awareness Programme Empowers Younger Generation

GEORGE TOWN, July 17 (Bernama) -- The Employees Provident Fund’s (EPF) i-Saraan programme is an important initiative in empowering the younger generation through financial knowledge and awareness.

Deputy Finance Minister Lim Hui Ying said aside from helping self-employed individuals such as small traders, farmers, fishermen and housewives, it is now also open to teenagers as young as 14 years old.

“This move will help to instil a savings culture and build financial management awareness from a young age so that future generations are better prepared and resilient in facing economic challenges,” she said in her speech at the EPF i-Saraan Contribution Presentation Ceremony for Tanjong B40 Students here today.

The programme was attended by students and teachers from five schools: St. Xavier’s Institution, Kolej Tingkatan Enam Hutchings, SMK Westlands, SMKA Perempuan Al-Mashoor, and the Penang Methodist Girls School.

According to Lim, who is also the Tanjong Member of Parliament, each ringgit saved is an investment for the future, and through the i-Saraan scheme, contributors will receive a matching annual government incentive of 20 per cent, which is capped at RM500, with a lifetime maximum of RM5,000.

Lim said that in 2024, the government allocated RM114.8 million for the i-Saraan scheme, benefiting more than 529,000 contributors.

“As a sign of my support for this initiative, I have taken the step to contribute RM10,000 to open i-Saraan accounts for 200 students from the B40 group.

“Each student will receive RM50 to start with, and I hope that this is not just about opening an account but also a symbol of our confidence in your potential to take this step towards financial literacy,” she said.

-- BERNAMA