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Singapore Investment


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


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