PUTRAJAYA, June 4 — The Ministry of Finance fully supports the initiative to introduce a new Employees Provident Fund (EPF) scheme for housewives and is prepared to assist the Ministry of Women and Family Development to make this a success, said Finance Minister Lim Guan Eng.

The initiative was proposed by the Ministry of Women and Family Development led by Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail who is also the Women, Family and Community Development Minister.

He said the policy was in line with Pakatan Harapan’s manifesto to increase social security among women who depended on their husbands for income

“We expect the scheme to start this year on a voluntary basis and it will transfer two percentage points of the husband’s existing EPF contribution to the wife’s EPF account. 

“I believe this scheme will not burden the husband as it does not reduce the take home pay,” he said in a statement today.

The Finance Minister said the scheme would create more equitable family relations between spouses while providing a wider safety net for the family institution. 

“Currently, the EPF runs an additional voluntary retirement savings programme for the self-employed and for those without any regular income.

“Participants of this scheme receive a government contribution of 15 per cent on the amount put in by savers, subject to a RM250 yearly limit,” he said.

Lim also said there were 90,599 housewives in 2017 who participated in the voluntary savings programme and contributed RM525 million.

“I understand that the Ministry of Women and Family Development together with EPF will prepare a cabinet memorandum in the near future.

“The document will detail out the new scheme including its estimated cost and outline the interaction between the two programmes,” Lim added. — Bernama

https://www.malaymail.com/s/1638283/finance-ministry-all-for-epf-scheme-for-housewives