KUALA LUMPUR, Oct 29 — Putrajaya said today it is extending the reduction of the statutory contribution rates for each Malaysian’s Employees Provident Fund (EPF) until June 2022.
Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz said the contribution rates will stay at 9 per cent.
“The government understands the financial problems the public are facing due to the lockdowns. To provide them with some cash flow, EPF will extend the minimum contribution rates from 11 per cent to 9 per cent until June 2022.
“This is expected to provide RM2 billion to the people,” he said during his tabling of Budget 2022 today.
Apart from that, RM31 billion has been allocated for subsidies and incentives for the public in order to reduce their burden.
A household with three children or with earnings less than RM2,500 will get a RM2,000 one-off payment.
Tengku Zafrul said this scheme is expected to help 9.6 million households.
Related Articles Budget 2022: Where will most of the money be going? Raising debt ceiling enables govt to finance budget deficit in medium term, says finance minister Budget 2022: Government aims to reduce cost of living