PETALING JAYA: Datuk Seri Anwar Ibrahim has announced the introduction of Flexible Employees’ Provident Fund (EPF) accounts, allowing contributors to access their funds at any time. This announcement was made during the tabling of Budget 2024 in the Dewan Rakyat on Friday (Oct 13). The Prime Minister further stated that EPF accounts for contributors would undergo restructuring to enhance the savings of retirees.
Additionally, an allocation of RM100mil will be provided for the Self-Employment Social Security Scheme (SKSPS), with the government bearing 90% of the contribution. This scheme aims to protect gig workers. The government also urged operating companies to contribute the remaining 10% balance for SKSPS.
Anwar, who is also the Finance Minister, disclosed that the government’s matching contribution for EPF’s i-Saraan scheme for self-employed workers would now be capped at RM500 per year and limited to RM5,000 for a lifetime. Furthermore, the government’s contribution for EPF’s i-Suri for housewives will be increased to RM300 per annum, with a lifetime limit of RM3,000.
Moreover, an allocation of RM50mil will be provided to continue the Housewives Social Security Scheme, benefiting 400,000 housewives registered under e-Kasih. Anwar also highlighted the extension of EPF’s i-Sayang program, allowing wives to transfer 2% of their contributions to their husbands.
In addition to these measures, the government plans to raise the monthly salary ceiling for Socso contributions from RM5,000 to RM6,000. This increase will result in a 20.2% rise in cash benefits, benefiting approximately 1.45 million workers and their dependents.
