Key takeaways
The Malaysian government is reviewing a proposal to extend the EPF i-Sayang scheme, allowing Malaysian husbands to make voluntary contributions for their non-citizen wives. The Finance Ministry stated that the expansion requires careful assessment to ensure alignment with retirement savings policies and programme sustainability.
- The proposal would allow Malaysian husbands to transfer two per cent of their employee contributions to non-citizen wives' EPF accounts.
- The Finance Ministry said the expansion must be assessed for legal, governance, and operational implications before further consideration.
- Since March 2023, 233,371 husbands have registered as contributors, involving 233,547 wives as recipients under the current scheme.
Summarised automatically by AI from the original article by Malay Mail. AI can make mistakes, so check the original for details.
KUALA LUMPUR, Nov 12 — The government, through the Employees Provident Fund (EPF), will continue to study a proposal to expand the scope and coverage of the EPF i-Sayang scheme to allow Malaysian husbands to make voluntary contributions for their non-citizen wives.
The Finance Ministry (MOF) said the proposal would be studied carefully, taking into account the importance of protecting families’ retirement savings and ensuring the programme’s sustainability.
“The government takes note of the proposal to expand the eligibility criteria for i-Sayang recipients to allow non-citizen wives to receive transferred contributions from their Malaysian citizen husbands. The proposal requires careful consideration to ensure that any expansion remains aligned with the original objectives of i-Sayang and the EPF’s retirement savings policy framework.
