In May, post-GE14, housewives all over Malaysia cheered when the government announced that they are setting up an EPF scheme for housewives
where their husbands will have to contribute 2 per cent from their own EPF.
The news was well received and was also supported by the Ministry of Finance. An earlier report
stated that this new scheme will be rolled out by this year.
However, it seems like the government may have to put the brakes on the scheme for the time being as it was recently revealed that according to Section 51 of the EPF Act 1991
, savings from any EPF member cannot be assigned, attached or transferred in respect of any debt or claim.
“There is a problem in Section 51, you cannot touch the EPF contributed by the husband. The husband cannot take two per cent out of the 11 per cent of his EPF contribution for the wife,” Deputy Prime Minister Datuk Seri Dr Wan Azizah told The Star
Wan Azizah then reassured Malaysians that the government is finding a way to make this scheme work and one of the solutions they are considering is via the 1Malaysia Retirement Savings Scheme (SP1M).
Via this scheme, husbands can voluntarily contribute RM250
annually. The government maintains that they will still be contributing RM50
per month to the housewives’ EPF scheme.
"There is a way to try to top it up. We have to find a way or a scheme to do it," Wan Azizah added.
SP1M is a scheme for those who are self-employed and do not have a regular income where they can allocate some savings until they have reached the retirement age.