KUALA LUMPUR, Oct 16 — Budget 2024 reflects an important step forward in prioritising the financial security and prosperity of Malaysia’s ageing population, according to Employees Provident Fund (EPF) chief executive officer Datuk Seri Amir Hamzah Azizan.
Amir Hamzah in a statement today said the budget prominently addresses some of the concerns the EPF had raised on the long-term financial wellbeing of Malaysians.
“With a concerted effort to strengthen our resources and retirement allocations, this budget highlights the Unity Government’s commitment to ensuring the dignity and comfort of its citizens.
“The old-age wellbeing of the rakyat remains one of the government’s priorities due to the low level of protection under the formal pension and retirement schemes among Malaysians.
“Currently, only 60 per cent of the labour force is covered under formal retirement schemes, namely the EPF Scheme for private workers and the Civil Service Pension Scheme for civil servants.”
Amir Hamzah said the low level of savings among EPF members needed to be addressed by bridging the savings and coverage gap that exists in the pension and retirement system in the country.
The key highlights of Budget 2024 include the increase in the government’s matching incentive for the i-Saraan programme, the expansion of the i-Sayang programme to husbands, the extension of the i-Suri programme and the restructuring of the EPF account.
Amir Hamzah said the EPF is confident and believes that these initiatives can help Malaysians increase their retirement savings and foster harmony and wellbeing in the family unit.
As a retirement fund, the EPF supports and will work with the government in realising the aspirations of Malaysia MADANI to ensure the retirement lives of Malaysians are secured, he added.
— Bernama
