Employees Provident Fund (EPF) has praised Budget 2024 for being a significant step towards putting Malaysia’s ageing population’s financial security and prosperity first.
The government has increased the matching incentive for the i-Saraan programme, added husbands to the i-Sayang programme, extended the i-Suri programme with matching contributions and increased the maximum incentive amount for housewives, and introduced a flexible EPF account that contributors can access at any time. These changes are all part of the 2024 Budget.
This budget, according to chief executive officer Datuk Seri Amir Hamzah Azizan, demonstrates the unity government’s dedication to safeguarding the comfort and dignity of its residents through a determined effort to increase EPF’s resources and retirement allocations.
“Due to Malaysians’ low level of protection under the official pension and retirement systems, the government continues to place a high priority on the well-being of the Rakyat as they age.
“EPF Scheme for private workers and the Civil Service Pension Scheme for civil servants are only 60 per cent of the labour force is covered under formal retirement scheme,” he said in a statement issued today.
Amir Hamzah pointed out that the low level of savings among EPF members also needs to be addressed in order to ensure that EPF members can retire comfortably and meaningfully in their old age,
Therefore, he stated that it is crucial to solve the current problem by closing the savings and coverage gap that exists in Malaysia’s pension and retirement system.
The EPF is optimistic and believes that this effort can help Malaysians grow their retirement savings as well as promote harmony and wellbeing within the family, Amir Hamzah further noted.
Lastly, the initiatives proposed at the 2024 Budget are subject to approval by Parliament, he continued, adding that as a retirement fund, the EPF supports and will work with the government in realising Malaysia Madani’s ambitions to assure the security of Malaysians’ retirement lives.
