Saving a sum of even RM50 per month with the Employees Provident Fund is better than having no savings at all during a time when we are helpless.

The initiative by the Employees Provident Fund (EPF) to provide a voluntary contribution scheme is very useful, with some even calling it the best 'welfare' for workers with no fixed employers.

Muhammad Khairi Afiq Mohd Yusof, 30, who is currently self-employed after serving in a non-governmental organisation, has chosen to self contribute funds according to his ability each month.

"Sometimes I contribute RM100, even RM200 at a time. It is not fixed, but I remain convinced that this will be able to help me save money with good management by the EPF.

"An undeniable fact is that many are still less sensitive to saving money ...without the EPF, when we get old one day we may still have to work, worse still if we have no other property," he said.

He said this when contacted by Bernama to comment on the self contribution mode of saving with the EPF to prepare for retirement.

He added that although the savings would not be able to cover his entire cost of living during retirement age, it could at least contribute towards medical and other daily expenditure.

"We may already have owned our own home before that, and during old age the savings can be used for medical purposes, without burdening others, and maybe we can get treatment at a better hospital," he said.

EPF has been encouraging voluntary contributions, targeting certain eligible groups.

These include domestic servants who work in residential homes and paid by an individual (house owner), as well as sole proprietors or partners who are not salaried, workers with pensions, and those who are neither employers nor employees as defined in the EPF Act 1991.

Also eligible are Malaysian workers who had withdrawn all their savings under the Leaving the Country Withdrawal Scheme, and have now come back to work in Malaysia.

Contributors can choose to pay either by cash, money order, cheque or internet banking, with a minimum contribution of RM50 per transaction and maximum of RM60,000 per annum, with effect from January 2013.

Mohd Zamri Ghani, 42, a part-time cameraman in a television company who also contributes to the voluntary scheme, said although he used 10 per cent of his income for EPF he felt that the benefits gained would be well worth it.

He said although there were some who claimed that the EPF had weaknesses, seemingly disallowing people from using their own funds, it would actually be able to ensure a comfortable life during old age if the contributions are used properly.

"I will continue to contribute even though it means I have to be more frugal in my spending, but I believe we will see the benefits when we are older. Money withdrawn later can be used to purchase fixed assets such as a house or land.

"Its value will surely rise from time to time. I am not interested in investing in things such as MLMs (multi-level marketing) which promises higher returns, but the risks are still there...I do not want to be in loss," he said.

Meanwhile, a maid who only wanted to be known as Noradiah, 31, said she has been contributing RM50 a month for the past two years, and acknowledged her actions now could give her relief in the future.

She does not foresee herself using the money for daily expenses, but rather to help buy a cheap house once there were enough funds.

"I know RM50 a month is a small amount but I remain confident that, with the management of the funds by EPF and with many more years to go, I would at least be able to pay the deposit to own a cheap home," she said.

Noradiah, who is not married, said she had little knowledge about EPF funds, but was thankful not to be too late to save, and hoped to add more to her contributions in the future.

"The amount accumulated would not only be for myself, but also for my parents medical expenses...this contribution is not only to save up for old age, but also to help improve our lives for the better, including in terms of investment and buying property," she said. -- BERNAMA