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EPF reports rise in median savings in 2023 | Scoop
According to the Employees Provident Fund, 460,447 new members were registered as of December 2023, bringing the total number of contributors to 16.07 million. – Scoop pic, March 3, 2024
News

EPF reports rise in median savings in 2023

Latest data reveals positive trend in savings growth for Bumiputera, Indian, Chinese members compared to previous year

Scoop Reporters
Updated
5:18 PM MYT

 

KUALA LUMPUR – The Employees Provident Fund (EPF) median savings have increased for all Bumiputera, Indians, and Chinese members in 2023 compared to the previous year.

The median savings for Bumiputera members aged below 55 have increased from RM4,900 in 2022 to RM8,254 in 2023, said its chief executive officer, Ahmad Zulqarnain Onn, today.

For Bumiputera members, the savings dropped by 70% from RM15,500 during the pandemic.

However, it has recovered in comparison to last year, he said after announcing the EPF dividend rate for 2023 today.

Furthermore, EPF reported that the median savings for Indian members increased to RM17,375 in 2023 from RM14,900 in 2022, while for Chinese members, it increased to RM48,627 from RM45,800 the previous year.

As of December 2023, there were 460,447 new members registered, bringing the total to 16.07 million contributors last year.

From that total, 8.52 million are classified as active members, accounting for 50% of Malaysia’s 17.03 million labour force in 2023. 

Earlier today, the pension fund declared a dividend rate of 5.50% for conventional savings for 2023, with a total payout of RM50.3 billion, and a 5.40% dividend rate for shariah savings, with a total payout of RM7.48 billion.

This brings the total payout for 2023 to RM57.81 billion, up 13% from RM51.14 billion in 2022, when EPF declared a dividend of 5.35% for conventional savings and 4.75% for shariah savings. – March 3, 2024

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