32% - RM1,000 Or Less - EPF Account 1

Approximately 32% of Employees Provident Fund contributors (EPF) have a balance of around RM1,000 in their Account 1. 10% have a balance of around RM5,000 and below in their Account 1 (42% of contributors have around RM5,000 or less in their Account 1).

The government is allowing those who have lost their jobs during the pandemic to make targeted withdrawals of RM500 a month for a maximum of 12 months from their Account 1 from January.

Personal income tax rate for those earning between RM50,000 and RM70,000 a year by 1%. In addition, EPF contributions will be reduced from 11% to 9%.