Budget 2025: EPF contributions to be mandatory, including for non-citizens

News

Published on 18 Oct 2024 7:05:43 PM

Prime Minister Datuk Seri Anwar Ibrahim has announced that the government plans to mandate Employees Provident Fund (EPF) contributions for all non-citizen workers, with the proposal to be implemented in phases.

During the tabling of Budget 2025 on Friday (Oct 18), Anwar highlighted the need to prepare for Malaysia’s ageing population, noting that EPF is strengthening its intergenerational transfer approach.

He also stated that the government intends to extend tax relief on individual contributions to Private Retirement Schemes and deferred annuity premiums until the 2030 assessment year.

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Keywords
news, anwar ibrahim, epf, non-citizens, contribution, foreign workers, retirement schemes

Keywords:
news, anwar ibrahim, epf, non-citizens, contribution, foreign workers, retirement schemes