Stimulus Package Malaysia 2020 Epf

Malaysian workers have the option to opt out from the scheme and maintain their contribution rate.

Stimulus package malaysia 2020 epf. Electricity bill discounts ranging from 15 to 50 for all sectors for a period of 6 months i e. The incentive will benefit almost 29 000 taxi drivers 6 000 tour bus drivers and 17 000 tour guides and trishaw drivers. Between april 2020 and december 2020 capped at rm 1 500 for each member.

Malaysia s 2009 stimulus package resulted in a budget deficit increase from 4 8 to 7 6. I lestari will provide some relief to those financially affected during this period of concern and uncertainty. President datuk michael kang said many companies were still only.

Members can submit their applications for i lestari withdrawal beginning 1 april 2020 until 31 march 2021. It is also expected to save over eight million jobs. Prime minister tan sri muhyiddin yassin has on friday march 27 unveiled an economic stimulus package known as package prihatin or caring package valued at rm250bil that will benefit all malaysians.

Government will provide a one off cash incentive of rm600 in april 2020 to taxi drivers tour bus drivers tour guides and trishaw drivers who are active and registered since 31 december 2019. This muhyiddin said will provide an estimated rm10 billion in cash flow savings for employers and benefit over 480 000 smes and other businesses. Kuala lumpur feb 27 the minimum contribution rate under the employees provident fund epf will be cut from 11 per cent to 7 per cent from april 1 until december 31 this year with the aim of potentially unlocking up to rm10 billion worth of spending by malaysians to help drive the economy that has been hit by the global covid 19 virus outbreak.

The epf will introduce this programme on april 15. How to maintain 11 epf contribution rate the malaysian government has announced that it will temporarily reduce the epf employee contribution rate from 11 to 7 as part of the 2020 economic stimulus package. This will potentially unlock up to rm10 billion worth of private consumption.

The epf i lestari withdrawal scheme allows members to withdrawal from their account 2 savings beginning 1 april 2020. Malaysia nearly half epf contributors won t have enough to last a year warns kri economist monday 23 mar 2020 06 35 pm myt by syed jaymal zahiid starting april 1 contributors below the age of 55 will be allowed to. February 27 2020 4 21 am est updated on february 27 2020 5 20 am est 2 52.