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Median savings of active EPF members aged 54 at lowest since 2018

Publish date: Thu, 30 Nov 2023, 09:27 AM

KUALA LUMPUR: Median savings of Employees Provident Fund (EPF) active members aged 54 were at its lowest since 2018, at RM132,826 as of Dec 31, 2022.

This was revealed in the EPF's 2022 annual report which was published on its website yesterday.

Approximately 110,210 active members aged 54 had a median savings of RM132,826 in 2022.

In 2018, 94,260 active members aged 54 had a median savings of RM133,272.

According to the report, 110,210 active members aged 54 had an average savings of RM246,111.87.

The EPF advocates a minimum savings of RM240,000 at age 55 for a RM1,000 a month allowance that will last for 20 years.

Of the total number of active members of 8.39 million (2021: 7.69 million), 568,963 were aged between 51 and 55 in 2022.

As at Dec 31, 2022 the number of members registered with the EPF was 15.72 million (2021: 15.22 million).

The number of new members registered grew by 50 per cent to 635,989 (2021: 421,643). 

In 2022, the EPF received 16 per cent more contributions, of RM84.78 billion (2021: RM72.89 billion).

The number of members registered under Simpanan Shariah also increased by 21 per cent to 1.53 million (2021: 1.26 million).

The expansion of EPF coverage continued through i-Saraan voluntary contributions, from self-employed individuals and informal sector workers.

In 2022, a total of 552,744 members registered with i-Saraan, out of which 105,250 members contributed a sum of RM311.54 million.

The cumulative amount of contributions received for i-Saraan as of 2022 was RM798.91 million which includes 681,529 transactions.

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