In 2023, KWSP will launch several new projects.
The administration unveiled several new KWSP initiatives in Budget 2023! Let’s examine these new measures. The new regulations will be in place as of January 1, 2023.
1. Voluntary EPF contribution increased to RM100,000
The public can now self-contribute to the provident fund for up to RM100,000 per year, which is intended to encourage people to do so. They could previously only make annual contributions of up to RM60,000.
2. Extend the life insurance tax relief to RM3,000
As opposed to the previous tax relief of RM2,000, members of self-contributed provident funds will now be eligible for a tax deduction of up to RM3,000 for life insurance.
3. I-Saraan extended until 2023 and raised to RM300
Up to 2023, the I-Saraan Self-Employed Provident Fund Scheme will remain in effect. Under the i-Saraan scheme, people who make provident fund contributions would be eligible for a 15% government subsidy, up to a maximum of RM300. The government used to only offer a subsidy of up to RM250 per year; currently it offers an RM300 subsidy.
4. Kasih Suri Keluarga Malaysia
The Kasih Suri Keluarga Malaysia programme enables housewives to get a government subsidy of RM600 in exchange for paying just RM60 a year, of which RM480 will be deposited into a provident fund account and RM120 will be categorised as PERKESO social insurance.
