EMPLOYEES can voluntarily reduce their Employees Provident Fund (EPF) contribution by 4% as part of the Covid-19 stimulus package to boost private consumption, interim prime minister Dr Mahathir Mohamad said today.

“The minimum Employees Provident Fund (EPF) contribution by employees will be reduced by 4% from 11% to 7%, with effect from April 1 to December 31,” he said in a press conference in Putrajaya today.

This could unlock up to RM10 billion worth of private consumption.

But Malaysian workers can or maintain the current contribution rate.

Cost of Living Aid (BSH) recipients will see their RM200 stipend scheduled for May brought forward to March. 

An additional RM100 will be paid into the bank accounts of all BSH recipients in May, while an additional RM50 will be channelled in the form of e-tunai. – February 27, 2020.