Have you planned for retirement?
Malaysians are getting more serious about ensuring their financial future is secure.
As of October 2024, over one million Employees Provident Fund (EPF) members have voluntarily contributed with a total accumulated amount of RM11.16 billion!
This figure clearly shows the growing awareness of the importance of strong retirement savings.
According to Finance Minister II, Datuk Seri Amir Hamzah, a total of 288,000 active EPF contributors have contributed more than the mandatory rate of 11%.
This reflects the people's increasing commitment to better financial planning for the future.
In addition, the EPF is taking proactive steps by increasing the contribution percentage to Account 1 (Retirement Account) from 70% to 75%.
This move is aimed at accelerating the achievement of Basic Savings, thus helping members prepare to face the challenges of the rising cost of living.
To date, 36.2% of contributors aged 18 to 55 have achieved the Basic Savings target, compared to 30.4% in 2022, showing encouraging progress.
In another development, the government is considering a proposal to raise the retirement age to 65.
Datuk Seri Amir Hamzah stressed that the decision requires a comprehensive study and the views of all parties before any changes are implemented.
