Uber is reaching out to its drivers with a reminder that they too can make contributions to the Employees Provident Fund and save for retirement. The ride sharing company is also making things easier by offering to help full time drivers apply for the 1Malaysia Retirement Savings Scheme (SP1M).
SP1M is a programme that allows self employed individuals to contribute towards their own EPF savings. The amount contributed is whatever the individual feels like saving, and the government will also throw in an additional 15% of the contributed value (up to a limit of RM250 per year).
It’s not really much, but it’s something that at least helps full time Uber drivers save for an eventual retirement. That said, SP1M doesn’t apply to those who already have full time jobs elsewhere and are driving for Uber in their spare time.
Applicants can visit the EPF site for more information about SP1M. Particularly how it doesn’t only apply to Uber, as the scheme is open to all self employed Malaysians.
On that note, it may raise the question of whether Uber drivers really are self employed. The ride sharing company has long maintained that its Uber X drivers are self employed contractors, but is facing resistance from some countries that see the arrangement as being full time staff. The question has not reached Malaysia, as it would seem that locals really would rather be seen as independent.