On 16 October 2023, the Employees Provident Fund (EPF) issued a Press Release highlighting the key highlights of Budget 2024:
- Increase of Government’s matching incentive for i-Saraan programme
The Government extends the i-Saraan programme beyond 2023 and increase the annual maximum incentive limit from RM300 to RM500 per year. Additionally, the i-Saraan programme had 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.
- Expanding the i-Sayang programme to husbands
Beginning 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. 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.
- Extension of i-Suri programme with matching contributions and maximum incentive amount for housewives
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 Account
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.
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