Malaysia's Budget 2024: A Glimpse into EPF & SOCSO Updates

The unveiling of Budget 2024 brings forth a host of initiatives aimed at strengthening the nation's social security and retirement savings programs. These measures not only bolster the financial security of Malaysians but also encourage employment for vulnerable groups.

Let's delve into the core aspects of these impactful changes.

1. Employees Provident Fund (EPF)

These initiatives will be restructured to boost retirement savings.

Key Details:

i. Introduction of a new EPF Flexible Account that will be accessible to members at any time.

ii. i-Saraan programme

• For self-employed workers

• Increased to RM500 per year

• Limited to RM5,000 for life.

iii. i-Suri programme

• For housewives

• Increased to RM300 per year

• Limited to RM3,000 for life

iv. i-Sayang programme

• Expanded to allow wives to transfer 2% of the employees’ portion of their EPF contributions to their husbands.

2. Social Security Organisation (SOCSO)

The below initiatives seek to empower and support vulnerable segments of our society, including individuals with disabilities, former inmates, and senior citizens.

Key Details:

i. SOCSO Contribution

• Increase monthly salary ceiling

• from RM5,000 to RM6,000

ii. Ex-Gratia Work Disaster Scheme

• For civil servants

• Increased the salary ceiling

• from RM4,000 to RM6,000

iii. Special incentive

• For private sector employers to employ vulnerable

• RM1,500 per month

• for period of 6 months

Conclusion

In summary, Budget 2024 champions the financial well-being and social security of the Malaysian population. The government is dedicated to safeguarding the welfare of its citizens. These measures not only promise a more secure retirement but also provide opportunities for vulnerable groups to secure meaningful employment. As we look ahead, these changes will undoubtedly contribute to a stronger and more secure future for the rakyat.

Budget 2024 Highlights - Past Updates

Individual : https://www.ktp.com.my/.../malaysias-budget-2024.../17oct23

Companies : https://www.ktp.com.my/.../malaysias-budget-2024.../18oct23

Tax Exemptions : https://www.ktp.com.my/.../malaysias-budget-2024.../19oct23

Tax Incentives : https://www.ktp.com.my/.../malaysias-budget-2024.../20oct23

Stamp Duty & Indirect Tax https://www.ktp.com.my/.../malaysias-budget-2024.../23oct23

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