By Lian Cheng
KUCHING, Feb 24: Members of the Employees Providence Fund (EPF) aged between 40 and 54 who have less than RM10,000 in their Account 1 will be eligible for a special financial aid of RM500.
This is announced by Prime Minister Datuk Seri Anwar Ibrahim while unveiling the revised Budget 2023 in Parliament today.
“For members aged between 40 and 54 years with EPF savings of less than RM10,000 in their Account 1, the government agrees to increase their EPF savings contribution in Account 1 by RM500.
“This programme will benefit nearly two million EPF members involving an allocation of nearly RM1 billion,” said Anwar.
His reasoning was that following the Covid-19 pandemic, many had resorted to withdrawing their pensions to make ends meet.
Despite the nation is on its way to recovery, he held that incomes earned by many were mainly used to rebuild their lives and were unable to replenish their savings in their EPF account.
In view of that, the government will contribute RM500 to those with less than RM10,000 in their Account 1 to ensure they have enough savings for their retirement. — DayakDaily
