The government’s matching contribution limits for the i-Saraan and i-Suri programmes of the Employees Provident Fund (EPF) will increase next year.
Prime Minister Datuk Seri Anwar Ibrahim said the contribution limit for the i-Saraan programme will be increased to RM500 per year, limited to RM5,000 for life, while for the i-Suri programme, it will be increased to RM300 per year, limited to RM3,000 for life.
“In addition, the Housewives’ Social Security Scheme will also continue with a RM50 million allocation which will benefit more than 40,000 housewives registered with e-Kasih,” he said when tabling the Budget 2024 in the Dewan Rakyat.
The government’s contribution rate under the Self-Employment Social Security Scheme will be increased to 90 per cent, involving an RM100 million allocation. Anwar has also urged the operating companies to contribute the 10 percent balance for gig workers.
Meanwhile, the government will also raise the monthly salary ceiling for the contribution of Social Security Organisation to RM6,000 from the current RM5,000, which will increase cash benefits at a rate of 20.2 per cent for the benefit of 1.45 million workers and their dependents.
In addition, the EPF contributors’ accounts will be restructured to empower retirement savings. The EPF Flexible Account will be introduced as a new account that members can access anytime.
