KUALA LUMPUR: The decision to extend mandatory Employees Provident Fund (EPF) coverage to non-Malaysian workers is in line with the fund's goal of providing social protection for all employees, regardless of their nationality.
Currently, non-Malaysian workers can choose to contribute to the EPF on a voluntary basis.
This new policy is anticipated to benefit more than two million non-Malaysian workers in Malaysia.
EPF chief executive officer Ahmad Zulqarnain Onn stated that this initiative will enhance the labour market by ensuring social protection for all workers, aligning with international standards.
Additionally, the EPF has expressed its support for the government's decision to improve the i-Saraan program by raising the matching incentive from 15 per cent to 20 per cent, with a maximum of RM500 per year and a lifetime cap of RM5,000 per individual.
This enhancement, set to take effect on January 1, 2025, is expected to benefit over 330,000 current and new i-Saraan participants.
In the first half of 2024 (1H24), i-Saraan recorded total contributions of RM1.61 billion from 330,196 members, reflecting a 103 per cent increase from RM789.3 million, along with a 56 per cent rise in membership compared to 211,361 in the same period of 2023.
"In addition, as an appreciation for the contributions of housewives to the development of families and the nation, the government's matching incentive for the i-Suri programme of 50 per cent of the total annual contribution will be extended for the year 2025.
"The incentive is subject to a maximum matching limit of RM300 per year and RM3,000 for a lifetime, or until reaching
the age of 55, whichever comes earlier," it said.
Ahmad Zulqarnain said the enhancement to i-Saraan and the continuation of the i-Suri programme underscore the government's strong commitment to bolstering the retirement income security of Malaysians, ensuring that the long-term welfare of all Malaysians is safeguarded.
"By addressing the needs of various segments of society, including youth, working adults, women, and senior citizens, the government is laying the foundation for a more equitable and resilient future.
"The EPF fully supports this approach as it aligns with its purpose to build a better retirement future for Malaysians," he added.