EPF said another factor was structural wage challenges, whereby 44% of EPF’s contributors earn less than RM2,000 and 81% of them have an income of less than RM5,000. theSun theSundaily EPF savings Finance employee
Lower starting salaries for those who began their careers before the implementation of the minimum wage in 2013 is among the factors contributing to Employees Provident Fund members aged between 40 and 54 years having less than RM10,000 in savings.
“Also, inconsistent contributions that were due to members shifting in and out of the formal sector; where only 45 per cent of the 4.81 million members in this age group made contributions in 2022, while the rest did not contribute at all last year. The other factor is that 59 per cent of the 2.85 million members in this age group applied for Covid-19-related withdrawals and withdrew more than RM62 billion in total.
The EPF, meanwhile, welcomes the government’s move to contribute RM500 on a one-off basis to both active and inactive members, to encourage more Malaysians to increase their retirement savings.
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