HR Newsletter

According to the Budget 2024, announced by YAB Prime Minister Dato’ Seri Anwar Ibrahim
on 13 October 2023, prominently addresses some of the concerns the EPF had raised on
the long-term financial wellbeing of Malaysians.
Datuk Seri Amir Hamzah Azizan, the CEO of the Employees Provident Fund (EPF), has
expressed his views on Budget 2024, emphasizing its significance in advancing the financial
security and well-being of Malaysia’s elderly population. This budget underscores the Unity
Government’s dedication to ensuring the dignity and comfort of its citizens by making
concerted efforts to reinforce resources and retirement provisions.

Key highlights of Budget 2024:

1. Increase of Government’s matching incentive for i-Saraan programme
The Government has extended the i-Saraan program beyond 2023 and increased the
maximum annual incentive from RM300 to RM500. This program has also been enhanced
to include eligible Malaysians in the informal sector, such as housewives and those without
fixed income, under 60 years old, who can receive a lifetime incentive of RM5,000 per
individual with a yearly cap of RM500.

2. Expanding the i-Sayang programme to husbands
Starting in 2024, the i-Sayang program will be expanded to include husbands. Working wives
will have the option to allocate 2% of their monthly EPF contributions to their husbands’
EPF accounts. Since its launch in March 2023, about 34,000 husbands have participated in
i-Sayang, cumulatively saving RM14.7 million.

3. Extension of i-Suri programme with matching contributions and maximum incentive
amount for housewives
The government recognizes the contribution of housewives and seeks to enhance
incentives for the i-Suri program. Housewives under 60 years old registered in the e-Kasih
database will receive matching incentives for every ringgit they contribute to the EPF
Scheme. Participants can receive a lifetime incentive of up to RM3,000 per individual, with
a yearly matching incentive cap of RM300.

4. Restructuring of EPF Account
In response to the aging population and the changing work landscape in Malaysia, the EPF is
reviewing the EPF Scheme. The goal is to ensure that EPF members can meet various
financial needs throughout their lives without compromising their retirement savings. The
EPF plans to restructure members’ accounts to strengthen retirement savings and
introduce a Flexible Account that members can access as needed, particularly during
emergencies.