The Government is weighing the option to increase the voluntary Employment Provident Fund contribution from RM60,000 to RM100,000 in efforts to both give Malaysians a safer saving avenue that gives attractive returns and at the same time bump up the provident fund’s asset after the recent mass withdrawal.
There have been calls by certain quarters to allow members to withdraw for retirement savings but has been rejected by Prime Minister Datuk Seri Anwar Ibrahim and his cabinet since the withdrawals that took place during the floods last year had depleted the member’s account to the extent that it could impact their retirement.
The proposed raising of the voluntary amount was announced by Deputy Finance Minister Ahmad Mazlan who said the proposal will be brought up during Budget 2023.
