KUALA LUMPUR: The Employees Provident Fund (EPF) said to date, a total of RM18.1 billion has been withdrawn by 5.16 million members under the i-Lestari facility, which was among the immediate measures undertaken by the fund amid the challenging situation in 2020 due to the pandemic.
It stepped in to help members and employers cope with cash flow issues following the Movement Control Order from March 18 to May 12, 2020 when most economic sectors were closed.
"The EPF was one of the first pension funds in the world to provide assistance to its members during the pandemic, by rolling out the hassle-free i-Lestari Account 2 Withdrawal Scheme to provide members with some measures of financial relief," its Chairman, Tan Sri Ahmad Badri Mohd Zahir said in a statement on Saturday.
Other measures included allowing members to lower their mandatory statutory contribution to EPF savings to 7.0 per cent from 11 per cent, effective April 2020 to December 2020.
The EPF also ensured that employers were able to sustain their costs and continue to retain their employees by offering the Employer COVID-19 Assistance Programme (e-CAP), specifically targeted at small and medium enterprises (SMEs). e-CAP allows eligible SMEs flexibility to choose to apply for a deferment and restructuring of the employer's share of EPF contributions, which benefited 13,090 employers with a cumulative value of RM84.95 million.
The programme was introduced to assist SMEs to manage their cash flow, as well as help them in fulfilling their obligations of paying for their portion of EPF contributions, he said.
"To ensure the safety of our employees and members, the EPF was proactive in quickly adapting to the new reality of 'low touch, high distance' service through the introduction of Janji Temu Online (JTO).
"Through JTO, the EPF ensured that social distancing measures and SOPs were strictly observed while the volume of visitors were reduced at physical branches," he added.
The fund's membership base grew by 2.0 per cent to 14.89 million, while employers registered with the EPF stood at 534,398. It takes RM8.25 billion to pay out every 1.0 per cent dividend for Simpanan Konvensional and RM972 million for every one per cent dividend for Simpanan Shariah in 2020.
-- BERNAMA
Bernama
Sat Feb 27 2021
It stepped in to help members and employers cope with cash flow issues following the Movement Control Order from March 18 to May 12, 2020. Astro AWANI / Shahir Omar
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.
Economic outlook: Budget 2025 to lay foundation for a digital-driven economy
The report said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.
Economic outlook: Corruption and lack of accountability hinder economic progress
Special Cabinet Committee on National governance is established to curb corruption, law reforms to modernise outdate regulations, MoF said.
National Wages Consultative Council will be strengthened
The govt will also incentivise hiring women returning from career breaks, offer job matching and improve care services facilities.
Economic outlook: Ensuring 11 years of compulsory education for all children
Budget 2025 will continue prioritising upskilling and retraining initiatives to equip workers with the latest skill sets necessary.
Consolidated public sector projected to record lower surplus of RM41.7 bil 2024
The MoF said the consolidated general government revenue is estimated to increase slightly to RM384.7 billion in 2024.
PM announces substantial Budget 2025 hastening Malaysia to become Asian economic powerhouse
Datuk Seri Anwar Ibrahim said it would create jobs and also tackle financial leakages to enhance public spending efficiency.