Highlights of Budget 2021 proposals
2 minutes
Main points of Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz's Budget 2021 speech
* Employees' minimum EPF contribution is reduced to 9% starting January 2021
* COVID-19 Fund raised to RM65 billion to cover additional assistance under KITA PRIHATIN package
* Tax relief increased to RM8,000 for parents' medical, special needs and care expenses
* Singles earnings RM2,500 and below to receive RM350, eligibility reduced to 21 years old from 40 previously
* EPF contributors will be allowed to withdraw RM500 per month from their Account 1, up to a total of RM6000 a year
* Single individuals earning RM2,500 and below to receive RM350, eligibility reduced to 21 yrs old from 40 previously
* RM1b allocated in 2021 to contain third wave of COVID-19, in addition to RM1.8b allocated this year
* The maximum tax relief for individual, spouse and children's medical expenses for serious medical ailments raised to RM8,000
* The government has agreed to a one-off payment of RM500 to frontline workers in handling the Covid-19 pandemic
* For 2021, the government said it will allocate RM1bil more to fight the third wave of the Covid-19 pandemic
https://www.thestar.com.my/business/business-news/2020/11/06/highlights-of-budget-2021-proposals
