What will Budget 2023’s RM1 billion EPF allocation cover for contributors?

Question

Accepted Answer

Budget 2023 Allocates RM1 Billion for EPF Contributors Below Age 55 with Limited Savings

Budget 2023 includes a RM1 billion allocation intended to provide an additional RM500 to eligible Employees Provident Fund (EPF) contributors. This initiative specifically targets individuals aged 40 to 54 who have less than RM10,000 in their EPF Account 1, aiming to bolster their retirement savings. The programme is projected to benefit up to two million EPF contributors.
Additional RM500 for Eligible Contributors

The core of the Budget 2023 allocation is the provision of an extra RM500 to EPF members who meet specific criteria. This financial boost is directed towards contributors aged between 40 and 54 years old. Crucially, eligibility is determined by the balance in their EPF Account 1, which must be less than RM10,000.
Targeting Retirement Savings Rebuilding

This measure is designed to assist a significant segment of the workforce in rebuilding or supplementing their retirement nest eggs. By focusing on individuals in their later working years who have accumulated less than RM10,000 in their primary savings account, the government aims to provide a tangible support for those potentially most in need of shoring up their future financial security.
Estimated Beneficiary Numbers and Funding

The initiative is anticipated to extend its reach to as many as two million EPF contributors across the nation. To fund this extensive programme, a substantial allocation of RM1 billion has been earmarked within Budget 2023. This substantial sum underscores the government's commitment to supporting this specific group of EPF members.

Reading history

Hide →

This history is cleared when the page is closed.

What will Budget 2023’s RM1 billion EPF allocation cover for contributors?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

2

0

0

Share with friends