SPK Self-Employed
- Not an Employer.
- Not an Employee.
- Individual who are verified by Authorities as Self-Employed.
Kindly refer to the documents required here.
The qualified contribution for Self-Employed Member is minimum of $17.50 and up to $40.00. If the Member contributes the qualified contribution amount, the Government will match-up the contribution of $17.50 per month. Payments less than $17.50 will not get Match-Up contributions and will be deposited into the Member Account (as voluntary contributions). For payments of more than $40, the excess contribution above the amount of $40 will be deposited into the Member's account as voluntary contribution.
For Self-Employed Members:
The SCP account savings will be changed accordingly based on contributions from Members and the Government. Contribution from SCP Self-Employed Member which is not Match-up by the Government (contribution that is less than $17.50 or more than $40.00) will be put into Member Account. For SCP Member’s contribution amounting $17.50 per month and Match-Up from the Government will be put into Retirement Account to provide Member with better SPK Annuity.
SPK SE = Your contribution + Government Contribution Match Up = Put into Retirement Account
If a Member is not verified as Self-Employed, their contributions will be credited into the Member Account, but they will not receive the Government Match-Up contribution. However, they will still be eligible to receive the benefits from their Member Account.
No, a new SPK Member Account is not required.
Yes, as long as you meet the registration criteria to be a Self-Employed SPK Member, you can register online via the e-Amanah portal. After successful registration, you will be given an SPK Member Account and can start contributing. By contributing the qualified contribution, you will receive the benefit of the Government's Match-Up contribution and will be considered productive. Higher productivity will have a positive impact on the amount of annuity you will receive in the future.
Your membership status will automatically change when your employer registers you as an employee under their organization. You can provide your existing SPK Member Account Number to your employer for the registration process, and you can continue saving in your existing Member Account.
If a Self-Employed SPK Member's verification document expires, they will not receive the Match- Up contribution benefit, and any contributions received will be credited as voluntary contributions into their Member Account. It is advised for Members to renew their verification document to continue receiving the Match-Up contribution benefit. Failure to renew the document may affect the Member's productivity period and subsequently impact their SPK annuity calculation.
In order to get the Match Up from the Government, Self-Employed Members need to contribute according to the rate set before the 15th of the following month.
For example, for April's contribution, to get the Match-Up from the Government, Members must contribute for that month no later than 15th May of the following month. If the Member contributes for the second time before the deadline, the second contribution is considered as a voluntary contribution and no matching contribution from the Government will be given.
Members must also ensure the supporting document to verify self-employment is renewed and updated in e-Amanah annually to qualify to receive the matching contribution.