Kuala Lumpur:The service tax for elderly care services is set to decrease from eight percent to six percent starting January 1, 2027, alongside a full exemption for care fees up to RM96,000 annually.

According to BERNAMA News Agency, Prime Minister Datuk Seri Anwar Ibrahim announced an increase in the allocation for Elderly Assistance to RM1.3 billion next year, expected to benefit nearly 200,000 recipients.

Additionally, the government plans to draft a Senior Citizens Bill aimed at addressing neglect and strengthening the care ecosystem as the nation transitions into an ageing society. This announcement was made during the presentation of Budget 2027 in the Dewan Rakyat.

Anwar also revealed that over RM40 million has been allocated through the Human Resource Development Corporation (HRD Corp) to train 8,000 individuals, enhancing the workforce in the elderly care sector and creating job opportunities.

Furthermore, two National Integrated Care Centres of Excellence (NICE) are planned for Penang and Sarawak to support training, research, and elderly care services.

In related news, Employees Provident Fund (EPF) members aged 55 and 60 will have the option to participate in the i-Emas scheme, enabling monthly withdrawals while their remaining savings continue to earn dividends.