More EPF withdrawal opportunities

KUALA LUMPUR, 12 Oct 2019: 

The Employer’s Provident Fund (EPF) will introduce a new category of withdrawal to allow couples to seek fertility treatment such as in-vitro fertilisation (IVF) procedure.

Finance Minister Lim Guan Eng said income tax relief of up to RM6,000 given on expenses incurred for medical treatment of serious illness will be expanded to include expenses incurred on fertility treatment.

“Today, the fertility rate in Malaysia has fallen alarmingly from 4.9 children per woman in the 1970s to 1.9 children per woman, which is below replacement level,” he said when tabling the 2020 Budget in Dewan Rakyat yesterday.

Education withdrawal from EPF was extended to adult learning courses, in line with the nation’s IR4.0 focus – withthe possibility of this withdrawal being extended to the contributor’s spouse and parents too.

The i-Suri programme continues with husbands allowed to voluntarily contribute 2% of the 11% EPF contributions to wives’ EPF accounts.

He said EPF will also extend coverage to contract workers, starting with those in the arts and entertainment industry.

To top it off, private retirement schemes will also allow withdrawals for housing and healthcare purposes, similar to EPF.