From the statement, the Employees Provident Fund (EPF) is pleased that the Budget 2024, announced by YAB Prime Minister Dato’ Seri Anwar Ibrahim on 13 October 2023, prominently addresses some of the concerns the EPF had raised on the long-term financial well-being of Malaysians.
EPF Chief Executive Officer Datuk Seri Amir Hamzah Azizan said, “Budget 2024 reflects an important step forward in prioritising the financial security and prosperity of Malaysia’s aging population.
With a concerted effort to strengthen our resources and retirement allocations, this Budget highlights the Unity Government’s commitment to ensuring the dignity and comfort of its citizens.
- Increase of Government’s matching incentive for i-Saraan programmeThe EPF welcomes the initiative by the Government to extend the i-Saraan programme beyond 2023 and increase the annual maximum incentive limit from RM300 to RM500 per year.Additionally, the i-Saraan programme has also been enhanced where eligible Malaysians in the informal sector, including housewives and those with no fixed income, under the age of 60 years old will have the opportunity to receive a lifetime incentive of RM5,000 per individual, with a capping of RM500 per year.This incentive is set to benefit more than 350,000 current and new i-Saraan participants. (Click here to read more about EPF i-Saraan)
- Expanding the i-Sayang programme to husbandsBeginning 2024, the i-Sayang programme will be expanded to include husbands, in which working wives will also have the option to allocate 2% of their monthly EPF contributions (employee’s portion) to their husbands’ EPF accounts. (This is what was brought up by us in early 2023 when i-Sayang was launched 😂)The i-Sayang programme, launched in March 2023, allows husbands to voluntarily allocate 2% of their monthly EPF contributions (employee’s portion) to the EPF accounts of their wives.Since its launch, about 34,000 husbands have registered and participated in i-Sayang, equivalent to a cumulative savings of RM14.7 million. (Click here to read more about EPF i-Sayang)
😘😘😘 - Extension of i-Suri programme with matching contributions and maximum incentive amount for housewivesAcknowledging the contribution of housewives to family development and in nation building, the Government seeks to enhance the Government incentives for the i-Suri programme, in which a matching incentive will be provided for every ringgit contributed into the EPF Scheme by housewives under the age of 60 years old registered in the e-Kasih database.In addition, participants of the i-Suri programme will have the opportunity to receive a lifetime incentive of up to RM3,000 per individual, subject to a capping of RM300 matching incentive per year.
- Restructuring of EPF AccountIn line with the rapid aging phenomenon and the increasingly informal work landscape in Malaysia, the EPF continues to review the EPF Scheme to ensure that EPF members can meet their lifecycle needs without affecting their savings for retirement.To help members balance short, medium, and long-term needs, EPF members’ accounts will be restructured to further strengthen their retirement savings for their old-age wellbeing.At the same time, the EPF will also introduce a Flexible Account as a new account that can be accessed by members at any time, especially in times of emergency.
Comment: The flexible account had really surprised us, however, we understand the rationale behind this idea due to the noises of certain quarters who want to disturb the emotion of EPF members that lack of cash on hand.
- YOLO mindset mah.
- You Only Live Once. 👀
- So, enjoy now, suffer later? 👳👴👵
Aiyoyo, dear politicians, please act responsibly to the general public of Rakyat for the short, medium, and long-term. 💣💣💣
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