In his Budget 2021 presentation, Finance Minister, Tengku Zafrul announced that KWSP contributions will be reduced from 11 per cent to 9 per cent for one whole year starting January 2021.

This will increase the nation’s disposable income or take-home pay to RM9.3billion. He also added that KWSP account holders can take out RM500 monthly from their Account 1 for 12 months amounting to RM6,000. This will help 600,000 KWSP members who have been affected by job losses.

The Employees Provident Fund (EPF) will allow its members to withdraw from their Account 2 to purchase insurance products for themselves and their family members. The Private Retirement Scheme (PRS) tax relief of RM3000 a year has been extended until 2025.

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