Budget 2024: Flexible EPF accounts will be introduced, says Anwar

PETALING JAYA: Flexible Employees' Provident Fund (EPF) accounts will be introduced where contributors can access it at any time, says Datuk Seri Anwar Ibrahim.

The Prime Minister also said that the EPF accounts of contributors will also be restructured to empower the savings of retirees while tabling Budget 2024 in the Dewan Rakyat on Friday (Oct 13).

He added that RM100mil would be allocated for the Self-Employment Social Security Scheme (SKSPS), which will enable the government to bear 90% of the contribution.

The government, meanwhile, urged the operating companies to contribute the 10% balance for SKSPS to protect the gig workers in the scheme.

"The government’s matching contribution for EPF’s i-Saraan scheme for self-employed workers will now be limited to RM500 a year and limited to RM5,000 for lifetime," Anwar, who is also Finance Minister, said.

He added that the government’s contribution for EPF’s i-Suri for housewives will now be raised to RM300 per annum with a limit of RM3,000 for a lifetime.

Meanwhile, RM50mil will be allocated to continue the Housewives Social Security Scheme to benefit 400,000 housewives registered under e-Kasih.

"EPF’s i-Sayang programme is also extended to enable wives to transfer 2% of their contributions to their husbands," he said.

The government will also raise the monthly salary ceiling for the contribution of Socso to RM6,000 from the current RM5,000.

This increase will increase cash benefits at a rate of 20.2% for the benefit of 1.45 mil workers and their dependents.