Budget 2023: Govt to contribute RM500 to 40 to 54-year-olds with less than RM10,000 in EPF

KUALA LUMPUR: The government has agreed to contribute RM500 to Employees Provident Fund (EPF) members aged between 40 and 54 who have less than RM10,000 in their Account 1.

Prime Minister Datuk Seri Anwar Ibrahim, when presenting Budget 2023 in the Dewan Rakyat here on Friday (Feb 24), said the programme will benefit two million EPF members involving an allocation of almost RM1bil.

"After the country was hit by the Covid-19 pandemic, the people had several times sacrificed their retirement savings to cope with their daily needs. And now they have slowly started rebuilding their lives.

"The government is committed to helping the people rebuild their retirement savings to ensure it will be sufficient to finance their retirement," he said.

To encourage more self-employed individuals contribute to the EPF, he said the government would increase the value of the i-Saraan matching contribution to RM300 compared to RM250 previously, involving a RM30mil allocation with over 100,000 contributors benefiting. – Bernama