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Budget 2024: new EPF Flexible Account to allow access to savings | Scoop
The government is raising the contribution limit for the EPF i-Saraan programme to RM500 per year, capped at RM5,000 for life. – Scoop pic, October 13, 2023
News

Budget 2024: new EPF Flexible Account to allow access to savings

Member accounts to also undergo restructuring to bolster retirement funds, says prime minister

Scoop Reporters
Updated
9:25 PM MYT

 

KUALA LUMPUR – The Employees Provident Fund (EPF) will introduce a Flexible Account that allows contributors unrestricted access to their funds.

Prime Minister Datuk Seri Anwar Ibrahim said the EPF members’ accounts will also undergo restructuring to bolster retirement savings.

When tabling Budget 2024 today, Anwar said the government is committed to enhancing social protection programmes to ensure the continued well-being of vulnerable groups.

“The government’s contribution rate under the Self-Employed Social Security Scheme will be increased to 90%, with an allocation of RM100 million. I urge operating companies to cover the remaining 10% contribution on behalf of gig workers, as I am confident that these platform operators prioritise the welfare of their employees.”

Anwar also said that the government is raising the contribution limit for the EPF i-Saraan programme to RM500 per year, capped at RM5,000 for life.

“For the EPF i-Suri programme, the contribution limit is being raised to RM300 per year, with a lifetime cap of RM3,000.”

The Housewives’ Social Security Scheme will persist with an allocation of RM50 million, benefiting over 400,000 homemakers registered under e-Kasih.

“In a gesture of compassion and care, the EPF i-Sayang programme will be expanded to allow wives to transfer 2% of the employees’ EPF contribution to their husbands,” he said.

Furthermore, he said the government plans to raise the monthly salary ceiling for Social Security Organization contributions from RM5,000 to RM6,000. This move is expected to increase cash benefits by 20.2%, benefiting 1.45 million workers and their dependents. – October 13, 2023

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