7th October 2022 - 2 min read
In an effort to encourage Malaysians to save for their retirement, the Government has announced some incentives under Budget 2023, including increasing the self-contribution limit as well as tax reliefs.
As presented by Finance Minister Datuk Seri Tengku Zafrul Aziz, starting next year, the EPF self contribution limit will be increased from RM60,000 currently to RM100,000. In addition, EPF self contributions will also be eligible for tax relief, as they will be claimable under a newly-expanded scope for life insurance or takaful premiums up to RM3,000.
This incentive is likely made in the wake of EPF withdrawals to assist Malaysians during the pandemic and encourage members to replenish their EPF savings.
Aside from this, Budget 2023 also offered some incentives for the EPF i-Saraan voluntary contribution scheme, where the government will increase the contribution matching incentive from RM250 to RM300. This is expected to benefit over 100,000 members in the scheme.
Finally, the government also plans to extend and enhance the Kasih Suri Keluarga Malaysia programme for 2023. As part of Budget 2023, housewives who make EPF contributions of at least RM60 a year will get an additional matching incentive from the Government of up to RM600, which comprises of RM480 in EPF savings and RM120 in SOCSO contribution. This move will benefit 200,000 housewives.
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