Budget 2024: Government to introduce flexible EPF account

13 Oct 2023 08:23pm
Image for illustrative purposes only. - FILE PIX
Image for illustrative purposes only. - FILE PIX

KUALA LUMPUR - The government is set to introduce a Flexible Employees Provident Fund (EPF) Account, granting members unrestricted access to their funds.

Finance Minister Datuk Seri Anwar Ibrahim announced that members' accounts would undergo restructuring to enhance retirement savings.

"The EPF Flexible Account will be launched, and members can access it any time," he said.

Anwar made this announcement while presenting the Malaysia Madani Budget 2024 in the Dewan Rakyat today.

The Prime Minister clarified that the government would enhance the social protection programme to ensure adequate coverage for vulnerable individuals.

He also added that the government's contribution rate under the Self-Employed Social Security Scheme (SKSPS) would be increased to 90 per cent, with an allocation of RM100 million.

He also revealed that the government matching contribution limit under the EPF i-Saraan programme had been raised to RM500 per year, with a lifetime limit of RM5,000.

"The government contribution limit under the EPF i-Suri programme is now RM300 per year, limited to RM3,000 for life.

"The Housewives Social Security Scheme will be reinstated with a RM50 million allocation, benefiting more than RM400 for housewives registered under e-Kasih," he added.

Anwar also noted that the EPF i-Sayang programme would expand to allow wives to transfer two per cent of their employee share EPF contribution to their husbands.