Deputy Finance Minister Lim Hui Ying revealed that 288,000 EPF members have opted to contribute more than the standard 11% as of October 2024. She emphasized the importance of voluntary contributions for boosting retirement savings and highlighted the various methods available for members to contribute. Additionally, Lim stated that one million contributors have made voluntary contributions totaling RM11.16 billion. She also mentioned the iSaraan program, which offers matching contributions of up to RM500 per year for EPF contributors.
288,000 EPF members register to contribute above the statutory 11p employee rate, says deputy finance minister
Deputy Finance Minister Lim Hui Ying noted that contributors can increase their savings through voluntary contributions, subject to an annual contribution limit of RM100,000 per year starting from June 1, 2023. She was responding to a supplementary question from Roderick Wong Siew Lead regarding the initiatives taken by EPF to help contributors increase their retirement savings.
“The government, through the iSaraan programme, has provided matching contributions of up to RM500 per year. This incentive is subject to a maximum entitlement of RM5,000 for a lifetime for an individual,” said Lim.
EPF Retirement Savings Voluntary Contributions Finance Malaysia
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