Finance Minister Outlines Strategies To Support Retirement Security

The finance minister, Tengku Zafrul outlined the various strategies to support the retirement security of the people is getting smaller following the withdrawal of EPF money in various schemes under the stimulus package

In a reply to the MP Of Tumpat, Datuk Che Abdullah Mat, he said that Age 55 withdrawal and 60 years more flexible where members can make a choice of production payment either a lump sum, monthly, annual dividends only or any amount at any time.

He said that it aims to encourage members to choose payment withdrawals on a regular or monthly basis.

“Hereby, member savings will continue to receive annual dividends and can last longer,” he says.

Secondly, he said the period of contributing dependents i.e., members and employers are required to contribute until the age of 75 if the member is still working.

Thirdly, he said to encourage members to remain active and employers hire 60 -year -old employees and above, the EPF does not charge anything contributions to employees, while employers are required to contribute only 4%;

Fourthly Introduce i-Saraan to enable the self-employed or those who no fixed income is voluntarily contributed.

The finance minister said that as an incentive, the Government contribute 15% of the contribution, subject to a maximum amount of RM250 per year;

Fifth: Introducing I-Suri for the purpose of caring for the welfare of women, especially housewives, with the goal of providing savings for old age use.

Sixth: The EPF will also introduce withdrawals new this year to enable members to buy insurance or takaful products, such as announced in the 2021 Budget. This withdrawal is expected to be beneficial for protection self and family from critical illness and death;

Seventh: The EPF also provides advisory services free in relation to planning and management retirement savings through Retirement Advisory Service (RAS), with permission, since 2014; and

Eighth: My budget has been launched which is a guide to minimum monthly expenditure on categories and services for various households to assist in personal expense planning and family.

The government will continue to look at other methods to ensure Social Safety Net retirement of these people can return to the level which it should.

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