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51.5% or 6.67 million people in Malaysia have less than RM10,000 in EPF savings!

25/01/2023

51.5% or 6.67 million people in Malaysia have less than RM10,000 in their EPF savings.

According to the information issued by the Strategic Planning Officer of the Employees Provident Fund Board (EPFB), 51.5% or 6.67 million EPFB members under the age of 55 have less than RM10,000 as at the end of December 2022.

If compared to the same period last year, the number of EPF Board members with less than RM10,000 has increased by 9.7% or 591,000, of which 76% or 5.1 million are indigenous people, which is a very worrying situation.

The median EPF savings of indigenous members has decreased from RM6,600 to RM4,700, which is far from the basic savings of RM240,000 set by the CPF Board.

The Strategic Planning Officer of the Employees Provident Fund Board stated that it would take 3 to 5 years for members to get their EPF deposits back to the original level.

Despite this, there is still a lot of pressure on the government to introduce another targeted EPF withdrawal scheme to allow members in genuine need to withdraw from their CEPF F accounts for emergencies.

Currently, the EPF Board has total assets of RM1 trillion and 8.1 million members have withdrawn RM145 billion from their EPF accounts in the previous 4 withdrawal schemes, which is 15% of the assets.

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