Members of the Employee Provident Fund (EPF) who are 54 years old and have savings of less than RM10,000 dominate the highest percentage of 35% or 94,827 members with total savings of RM246.1 million.
Yesterday, Deputy Finance Minister Steven Sim Chee Keong said members with total savings exceeding RM1 million recorded the lowest percentage of 2% with only 4,877 members totaling savings of RM7.9 billion.
As of 1 January 2023, the EPF recorded a total of 274,715 members who are 54 years old with their total savings on retirement day amounting to RM 35.72 billion.
He admitted that it is a long-standing problem that requires structural reform and that the EPF needs to take certain measures to increase savings in providing various channels for contributors.
In Budget 2024, the government matching contribution limit under the EPF i-Saraan program is increased to RM500 per year limited to RM5,000 for life. The government matching contribution limit under the EPF i-Suri is increased to RM300 per year limited to RM3,000 for life.
His speech was in response to a question from Datuk Seri Dr Dzulkefly Ahmad (Kuala Selangor-Amanah) regarding the breakdown of total savings of EPF members who are 54 years old on 1 January 2023.
Meanwhile, as many as 8% of EPF members will retire at the age of 54 with savings of RM10,001-RM20,000, followed by RM20,001-RM50,000 (13%), RM50,001-RM100,000 (12%) , RM100,001-RM200,000 (13%), RM200,001-RM500,000 (13%) and RM500,001 – RM1 million (4%).
