Finance Ministry reveals just over one-third of EPF members have basic savings of RM240,000 to retire on as of Oct 2024

Finance Ministry reveals just over one-third of EPF members have basic savings of RM240,000 to retire on as of Oct 2024

The ministry said that this figure represents an increase from 2.21 million or 30.4 per cent of the 7.25 million active formal members as of December 2022. “Additionally, inconsistent contributions, and the low level of financial literacy among Malaysians result in a lack of awareness on the importance of financial and retirement planning, which contributes to the insufficient savings,” the MoF said in a written reply on the Parliament website today.

According to the ministry, the basic savings refer to the amount in the Retirement Account set by EPF to ensure that members have at least RM240,000 in savings by the age of 55.

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