KUALA LUMPUR, February 24 – The government agreed to increase the savings contribution of the Employees’ Provident Fund (EPF) by RM500. The Prime Minister, Datuk Seri Anwar Ibrahim said, the matter is subject to contributors aged between 40 and 54 years with EPF savings of less than RM10,000 in their Account 1. Datuk Seri Anwar Ibrahim said that the initiative in the 2023 Budget.
This was part of the government’s efforts to help them rebuild their retirement savings that were reduced following withdrawals during the COVID-19 pandemic. For that purpose, the Prime Minister said, the government has allocated almost RM1 billion to increase the retirement savings of nearly two million EPF contributors who are approaching retirement age. After the country was beset by the disaster of the COVID-19 pandemic, the people had to sacrifice their old age savings several times to meet the needs of life during the pandemic.
