RM500 contribution to EPF members with low accounts balance needs fine tuning, says Dr Wee

KUALA LUMPUR: Employees Providence Fund members should not immediately qualify for the for the RM500 contribution proposed by the Government during Budget 2023, says Datuk Seri Dr Wee Ka Siong (pic).

Under the current criteria suggested by the Government, EPF members would have to be aged between 40 to 54 and have less than RM10,000 in their Account 1.

"Active Members of the Fund should not necessarily qualify for the RM500 incentive," said Dr Wee in a post on his Facebook page, adding that inactive members should also not immediately qualify as they do not contribute to the fund.

"This would actually result in dissatisfaction among the Active Members and not actually achieve its intended objective to help those who actually need it. I urge the EPF to relook this matter."

Wee was commenting on concerns he he had raised at the Dewan Rakyat on Thursday (March 9) about the issue.

Dr Wee had given a hypothetical example of a lady who didn't make regular EPF contributions but was financially stable as she was a businesswoman.

"Maybe we can ask the EPF to fine-tune this policy and give it (RM500) to those who really need it," he had said in parliament.