Here are some the highlights of the budget you ought to know about:
- The government will allow Employees' Provident Fund (EPF) contributors to withdraw RM500 a month, up to RM6,000, from their Account 1.
- An additional RM1 billion is allocated to curb the third wave of COVID-19 next year. This is on top of the RM1.8 billion already allocated this year.
- Frontliners serving with the Ministry of Health will get a one-off RM500 allowance.
- Low-income Malaysians in the B40 group will get RM50 vouchers as assistance to purchase Perlindungan Tenang products, including Takaful life and personal accident insurance.
- Tax relief increase to RM8,000 for those who have aged parents, and with special needs and care expenses.
- Employees’ minimum EPF contribution will be reduced to nine per cent from the previous 11 percent, starting January 2021.
- Bantuan Sara Hidup (BSH) will be replaced with Bantuan Prihatin Rakyat (BPR). Under this scheme, households with an income between RM4,001 and RM5,000 and one child, will receive RM500, while those with two children will get RM750. Households with monthly income below RM2,500 will receive RM1,200.
- EPF contributors can withdraw funds from their Account 2 to purchase life insurance and takaful protection products, and for critical illnesses.
The above are some of the most important updates. For more information, please check out www.astroawani.com