SP1M (1 Malaysia Retirement Savings Scheme) with its extended benefits until year 2022 for self-employed, without a fixed income and business owners.

Updated: Mar 7, 2018


What is SP1M?

A retirement scheme for self-employed/retired/non-earning individuals into EPF with min guaranteed dividend 2.5%.



  • Self employed Malaysian citizen
  • Min contribution: RM50
  • Max total contribution: RM60k per annum
  • Contribution timing: Anytime
  • Must be a EPF member else (else can apply to be a EPF member)
  • Apply via any EPF branch & submit SP1M Selection Form



  • Death Benefit: RM2,500
  • Incapacitation Benefit: RM5,000
  • 2014-2017: Government matching contribution 10% up to RM120 (for up to RM1,200 contributed)
  • 2018-2022: Government matching contribution 15% up to RM250 (for up to RM1,667 contributed)
  • Note: Government matching for contributors below age 55 only
  • Tax Exemption: RM6k (shared with life insurance)


Withdrawals (Cons)



If you are self-employed, you can look into SP1M contribution with the government incentive of 10% by contributing RM1,200 per year until Y2017. To consider as well EPF withdrawal limitations & limited amount of RM120 incentive.

Est. Returns: 5.5% + 10% = 15.5%
Note: 5.5% based on 10-year EPF average historical return



  • Q: How do I open a SP1M Account?
    SP1M account can be opened at EPF branch.
  • Q: How do I make contributions?
    A: Can be done over the counter/online depending on services available in selected banks (RHB, Maybank, Public Bank, and BSN)
  • Q: Where can I get more info on SP1M?
    Official EPF link (kwsp.gov.my)


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