In the 2024 budget, there are a total of 4 projects related to the provident fund. Let’s take a look at what they are.
1. Increase the annual subsidy of i-Saraan plan
The government has increased the subsidy for i-Saraan from RM300 to RM500. Self-employed people can receive a government subsidy of 15% or up to RM500 per year when making self-contribution to provident fund, with a lifetime maximum of RM5,000. This program can benefit more than 350,000 people.
2. Expand the i-Sayang program to husbands
Starting from 2024, the i-Sayang scheme will allow wives to transfer 2% of their monthly provident fund contributions to their husbands’ provident fund accounts. Currently, a husband can only transfer funds to his wife’s provident fund account. Already 34,000 people have participated in this program, involving funds of up to RM14.7 million.
3. Improve i-Suri program
For every RM1.00 a housewife who participates in i-Suri intensive care pays into her provident fund account, the government will subsidize the same amount to the housewife. Housewives can enjoy a subsidy of up to RM300 per year, or a lifetime subsidy of up to RM3,000.
4. Restructure EPF account
The Provident Fund will set up flexible accounts to allow members to withdraw funds at any time. Flexible accounts will meet members’ short-term needs without affecting future retirement savings.
