With the recent price hike in petrol, standard of living is bound to go up with prices of other things following suit. Unfortunately, I don’t think many of us are lucky enough to get an equivalent pay rise to match, so it means we’re already tying our belts tighter.
Do we still want to put in the additional money for the future when we’re going to find it difficult to cope with higher prices of things now? Food for thought…
Anyway, here’s the article reproduced from The Star.
EPF moves to boost members’ savings
KUCHING: Beginning July 1, Employee Provident Fund (EPF) contributors can get their spouses or children to contribute additional savings into their accounts.
EPF chairman Tan Sri Samsudin Osman said this was a new initiative under its “Beyond Savings” scheme aimed at increasing the retirement savings of contributors.
Under this initiative, husbands, wives or children of contributors can top up the Account One savings of their spouse or parents at any time in cash or by cheque.
“Our main concern is for contributors to have enough savings when they retire. EPF members have already been allowed to top up their own accounts, but now we are allowing their spouses and children to do so as well,” he told reporters after attending the opening ceremony of the newly-renovated EPF Sarawak Building at Jalan Uplands here.
The 10-storey building, renovated at a cost of RM15mil, was declared open by Chief Minister Tan Sri Abdul Taib Mahmud.
Samsudin added that so far this year, the fund’s investments were showing good results with RM4.1bil earned in the first quarter of the year. This was 7.7% higher than the RM3.8bil earned in the last quarter of 2007, he said.
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If this additional saving is tax exempt, probably more people will be doing it.
Hi Mun, that’s true. I forgot about the tax element!