Employees Provident Fund

Starting from 3rd January 2010, Employees Provident Fund (EPF) will launch 1Malaysia Retirement Saving Scheme to help self-employed financially during their retirement age. This scheme was announced last October by the Prime Minister during the tabling of the 2010 Budget.

This Retirement Saving Scheme is designed to provide individuals without a fixed monthly income with a degree of financial security in their old age. The retirement scheme will be open to self-employed individuals such as farmers, fishermen and taxi drivers to petty traders and business owners.

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On 23rd October 2009, Prime Minister Datuk Seri Najib Tun Razak has tabled Budget 2010 with the theme “1Malaysia, Together We Prosper”.

These are the main highlights that interest me in the area of Personal Finance

  • 5% property gain tax will be imposed on gains from the disposal of real property from Jan 1, 2010. Existing tax exemption will be retained for gifts between parent-child, husband-wife, grandparent-grandchild.
  • A service charge of RM50 a year to be imposed on each principal credit card and charge card and RM25 a year on each supplementary card including those with free for life effective from Jan 1, 2010.

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A higher dividend may be expected from the Employees Provident Fund (EPF) this year as it recovers the bulk of its investments overseas after a 14% year-to-date improvement in the Dow Jones Industrial Average, which closed above 10,000 points on Wednesday.

With the Dow Jones recovering to the 9,000-plus level since July, EPF equity investments in the overseas markets are now above costs.

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