1.4 Million EPF Members To Receive One-Off RM500 Incentive

The Employees Provident Fund (EPF) has announced a disbursement of a RM708 million Government Additional Contribution incentive to 1.4 million EPF members aged between 40 and under 55. This incentive is aimed at individuals with EPF savings of RM10,000 and below in their Account 1 as of 24 February 2023.

The one-off RM500 contribution incentive, which was announced during the tabling of Budget 2023 on 24 February 2023, was designed to help encourage EPF members with low savings and closing in on retirement age to continue to save and accelerate the rate of accumulation of their retirement savings.

This is in line with the EPF’s overall goal of increasing savings adequacy and contributing to the broader societal goal of building a resilient financial future.

In late 2023, the EPF revealed that over 6 million EPF members have critically low savings (Under RM10,000). The ministry is taking the issue seriously, especially due to the fact that Malaysia is currently facing growing issues with regards to an ageing population, which is expected to have a massive impact on the nation’s overall economy productivity, social welfare, quality of life and health.

For more information on the Government Additional Contribution incentive, members can refer to the FAQs available on the EPF website at www.kwsp.gov.my or contact the EPF Contact Management Centre at 03-8922 6000.