BUDGET 2024 | The EPF Flexible Account will be introduced as a new account that members can access at any time, announced Prime Minister Anwar Ibrahim.

He said that EPF members' accounts will be restructured to empower retirement savings.

In presenting Budget 2024 to the Dewan Rakyat, Anwar said that the government will improve social protection programmes to ensure that focus groups continue to receive appropriate protection.

“The government's contribution rate under the Self-Employed Social Security Scheme (SKSPS) will be increased to 90 percent with an allocation of RM100 million.

“I call on operating companies to bear the remaining 10 percent contribution on behalf of gig workers,” said Anwar.

He added that the matching contribution limit under the EPF i-Saraan programme will be increased to RM500 per year, limited to RM5,000 for life. The programme is a voluntary contribution scheme for the self-employed without fixed incomes and employees of the gig economy.

“The government’s matching contribution limit under the EPF i-Suri programme is also increased to RM300 per year, limited to RM3,000 for life,” he said.

Anwar added that the Housewives Social Security Scheme will continue with an allocation of RM50 million to benefit more than 400,000 female housewives registered under e-Kasih.

He said that the i-Sayang programme will now be expanded to allow a wife to transfer 2 percent of her EPF contribution to her husband. Previously, this was only extended from a husband to a wife.

“Furthermore, the government will increase the monthly salary ceiling for Socso contributions from RM5,000 to RM6,000.

“This will increase cash benefits at a rate of 20.2 percent for the benefit of 1.45 million workers and their dependents,” Anwar added.

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