2020 stimulus: Dr M says EPF rate cut to 7pc, RM150 more cash handouts under BSH
Thursday, 27 Feb 2020 05:51 PM MYTEmployees’ Provident Fund logo is seen at its headquarters in Kuala Lumpur September 5, 2019. — Reuters pic
KUALA LUMPUR, Feb 27 — The minimum contribution rate under the Employees Provident Fund 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.
But Interim Prime Minister Tun Dr Mahathir Mohamad also said Malaysian employees “have the option to opt out from the scheme and maintain their contribution rate” for their retirement savings at 11 per cent in his announcement of a stimulus package today. He said Malaysians receiving cash aid under the Bantuan Sara Hidup scheme will receive a RM200 payment in March, two months earlier from the earlier scheduled payout date of May.
They will also receive more cash aid, with an additional RM100 to “be paid into the bank accounts of all BSH recipients in May 2020”.
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