EPF Members Voluntarily Contribute RM13 Billion In 2024 Amid Growing Confidence In Fund
Meanwhile, 70% of contributors have not touched their Flexible Account funds.
The Employees Provident Fund (EPF) received a staggering RM13 billion in voluntary contributions last year, reflecting strong public confidence in the retirement fund's performance and stability
According to FMT, over 1.6 million members made voluntary contributions, with 1.2 million regular members topping up their accounts and 400,000 participating through the i-Saraan scheme.
The latter is designed for self-employed individuals and casual workers without a fixed income, allowing them to contribute while receiving a 20% government incentive, capped at RM500.
EPF members can top up their accounts up to RM100,000 annually, and the flexibility of the newly introduced Account 3 — allowing withdrawals at any time — has not deterred most members from keeping their savings intact
Speaking to FMT, an official from EPF said 70% of contributors have not touched their Flexible Account funds.
Additionally, about three million members aged 55 and above, who are eligible to withdraw their entire savings, have opted to keep their money in EPF, attracted by its higher and more consistent dividend rates compared to conventional banks.
With over 15 million members and 8.5 million active contributors, EPF remains a key pillar in Malaysians' retirement planning. The surge in voluntary contributions suggests increasing awareness of financial preparedness and trust in EPF's ability to generate long-term returns.
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