35 Percent of EPF Members Have Savings Under RM10,000 During Retirement

<p>&nbsp;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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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.</p><p><br /></p><p>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%).</p>