Budget 2027 will introduce several measures aimed at strengthening retirement security and providing greater protection for gig workers.
One of the key initiatives is the new EPF i-Emas Scheme, which will give members more flexibility in managing their retirement savings.
Monthly EPF withdrawals under i-Emas
Under the EPF (KWSP) i-Emas Scheme, members aged 55 and 60 will be able to opt for monthly withdrawals instead of taking out their retirement savings in larger lump sums.
The remaining balance in their EPF accounts will continue to earn dividends, allowing members to keep part of their savings invested while receiving a regular monthly payout.
Malaysians to be registered with EPF from age 18
Budget 2027 will also see Malaysians aged 18 and above automatically registered as EPF members, allowing them to begin building retirement savings earlier.
More protection for gig workers
Gig workers will also receive additional social protection under Budget 2027.
Contributions to the LINDUNG KENDIRI self-employment social protection scheme will be made mandatory.
The government will also provide EPF matching contribution incentives of RM600 a year, up to a lifetime maximum of RM6,000, to encourage gig workers to build their retirement savings.
RM270mil financing for gig workers
A total of RM270 million in financing through BSN and Agrobank will also be made available to support gig workers.
The financing can be used to help them start or expand businesses, as well as to support the purchase of their first home.
The measures are aimed at giving gig workers stronger financial protection while helping more Malaysians prepare for retirement earlier.
