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6.62 million EPF members have less than RM10,000 in savings!

08/08/2022

6.62 million EPF members have less than RM10,000 in savings.

 

According to a message from Deputy Finance Minister Datuk Mohd Shah, as of June 30, there were 12.78 million EPF Board members under the age of 55, of which 6.62 million or 52% had less than RM10,000 in savings, which is a worrying situation.

 

Of the 6.62 million members with less than RM10,000, 75% or 4.99 million were indigenous, while 1.63 million or 25% were non-indigenous. 3.2 million EPF members had less than RM1,000 in savings, of which 2.58 million or 81% were indigenous.

 

In response to the new crown epidemic, the government launched 4 withdrawal schemes during the 2 years, namely i-Lestari EPF Second Account Withdrawal Scheme, i-Sinar CPF First Account Withdrawal Scheme, i-Citra CPF Withdrawal Scheme and Pengeluaran Khas Special Withdrawal Scheme.

 

The CPF Board appeals to members to make their own EPF contributions if they have excess savings. Members can make their own EPF contributions directly through the i-Akaun APP. Self-contributed EPF deposits are also eligible for EPF dividend payout benefits. Members can contribute up to RM60,000 per year.

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