2023 Budget: No EPF Withdrawals But Government To Add RM500 To Members’ Savings
This programme will benefit some 2 million EPF members involving an allocation of close to RM1 billion.
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The most awaited announcement in Prime Minister Datuk Seri Anwar Ibrahim’s budget tabling concerns the Employees Provident Fund (EPF).
Keeping it to almost the end, Anwar who is also the finance minister however did not announce that there would be another round of EPF withdrawals.
He said the government would instead deposit RM500 into Account 1 of EPF members between the ages of 40 and 54 with less than RM10,000 in their Account 1.
“This programme will benefit some 2 million EPF members involving an allocation of close to RM1 billion,” he said.
While reading his speech text, Anwar who has been on his feet since 4pm made a slight slip. Instead of RM500, he said RM500 million. This led to laughter in the Parliament as the prime minister then checks his text and corrects himself.
He added that the government hoped those who already have enough in their retirement funds to continue contributing so all members can enjoy the benefits.
The budget tabled today was themed “Membangun Malaysia Madani” and saw the prime minister tabling the government’s expenditure for the first time after 26 years.
The last time Anwar tabled the budget was in 1997 when he was the finance minister under the Barisan Nasional (BN) government.
The 2023 Budget allocation is RM388.1 billion with RM99 billion earmarked for development and RM289.1 billion for management expenses.
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