KWASA DAMANSARA, 1 March 2025: The Employees Provident Fund (EPF) Board today announced a dividend rate of 6.30% for Simpanan Konvensional, with a total payout of RM63.05 billion; and 6.30% for Simpanan Shariah, with a total payout of RM10.19 billion, bringing the total payout amount for 2024 to RM73.24 billion.

For the year ended 31 December 2024, the EPF recorded a total investment income of RM74.46 billion, 11% higher than the RM66.99 billion recorded in 2023. The amount is net of listed equity write downs recorded for the year. 

EPF’s investment assets grew to RM1,249.71 billion, an increase of 10% from RM1,135.82 billion in 2023. This increase was driven by portfolio income and net contributions of RM108.22 billion, an 11% increase from RM97.56 billion in 2023.

EPF Chairman Tan Sri Mohd Zuki Ali commented, “Alhamdulillah, the EPF is pleased to announce higher dividends for 2024, driven by recovering global and domestic markets, resilient economic growth, and sound portfolio management. Our diversified investment strategy allowed us to capitalise on growth opportunities, optimise returns, and reinforce the long-term financial security of our members.”

“Domestically, strong investments, a healthy labour market, and stable inflation boosted demand, while exports benefited from global stability and the tech upcycle. Under the leadership of YAB Prime Minister Dato’ Seri Anwar Ibrahim, government initiatives under Budget 2024 and strategic plans under the Ekonomi MADANI framework have attracted foreign investments, creating a supportive environment for economic growth,” he added. 

The Malaysian economy expanded 5.1% (2023: 3.6%) with the stock market demonstrating notable strength. The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) registered double-digit growth of +12.9% (2023: -2.7%), and peaked at 1,678.80 points in August, the highest level since December 2020. 

Global performance meanwhile was mixed, reflecting diverse economic conditions across regions. Central banks worldwide maintained relatively high interest rates to curb inflationary pressures from previous years. While higher rates typically weigh on equity valuations, they also provided opportunities for fixed-income investments, leading to a mixed impact on stock markets. 

Tan Sri Mohd Zuki highlighted that the market volatility experienced in 2024 underscored the importance of the EPF’s Strategic Asset Allocation (SAA) in navigating challenging economic conditions.

“The SAA has been pivotal in maintaining steady portfolio performance, ensuring the long-term resilience of the EPF’s investment portfolio. By balancing risk and return, this approach not only safeguards the fund against market uncertainties but also supports sustainable dividend payouts for our members,” he said.
 

EPF’s Investment Portfolio Performance in 2024

The Equities asset class contributed RM49.79 billion after netting off write downs, accounting for 67% of the EPF’s total investment income with an ROI of 9.90%. The rise in income, surpassing the RM39.01 billion recorded in 2023, was driven by the fund managers’ strategic and agile approach in capitalising on gains during periods of market volatility, coupled with robust performance across equity markets. In 2024, write downs for listed equities amounted to RM0.72 billion. Private Equity investments, which represent close to 10% of the equity investments, generated an ROI of 11.33%.

Fixed Income instruments continued to be the anchor for the EPF in maintaining steady returns and mitigating the impact of short-term market volatility. The asset class, predominantly Malaysian Government Securities, contributed RM21.91 billion, or 29% of the EPF’s total investment income for 2024, yielding an ROI of 4.27%. The higher income recorded compared to 2023 of RM19.74 billion is in line with the growing asset size.

Real Estate and Infrastructure registered an income of RM1.64 billion, recording an ROI of 5.13% on a constant currency basis. Income from Money Market Instruments was RM1.12 billion, delivering an ROI of 1.89%. As majority of these investments are denominated in non-Ringgit currencies, overall performance was impacted by foreign exchange translation during the year as the Ringgit strengthened against the US Dollar.

Fixed Income instruments made up 46.2% of investment assets, while Equities comprised 43.5%. Real Estate and Infrastructure as well as Money Market Instruments made up 6.3% and 4% of EPF assets, respectively.

As at December 2024, the EPF’s investment assets stood at RM1,249.71 billion, of which 63% was invested domestically. Domestic investments generated RM37.02 billion, or 49.7% of total investment income, which provided stability to the overall EPF’s total investment income. Global assets generated income of RM37.44 billion, or 50.3%, of the total investment income recorded.

A total of RM63.59 billion out of the RM74.46 billion total investment income was generated for Simpanan Konvensional, and RM10.87 billion for Simpanan Shariah.  

Starting January 2024, the EPF has fully separated its Simpanan Konvensional and Simpanan Shariah portfolios. This allows each portfolio to optimise its returns over the long term through an independent strategic asset allocation. The separation also enhances diversification, ensuring that assets under both Simpanan Shariah and Simpanan Konvensional are well distributed across asset classes, geographies, markets, and industries for sustainable returns.
 

Steady Membership Growth Reflects EPF’s Expanding Coverage

The EPF recorded strong membership growth, in line with the strength of the Malaysian labour market. New member registrations reached 475,752, bringing EPF membership to 16.22 million, of which 8.78 million were active members¹, representing 51% of Malaysia’s 17.32 million labour force². The active-to-inactive member ratio also improved in 2024 to 54:46.

The increase in active members was driven by the EPF’s ongoing efforts to expand coverage. Tan Sri Mohd Zuki emphasised that by broadening its reach, the EPF is strengthening social protection and retirement security, fostering greater inclusivity and resilience. Furthermore, the EPF’s Outreach Programme recorded encouraging growth of voluntary contributors to 1,193,396, a 32% increase from 902,213 in 2023. 

The i-Saraan programme saw strong uptake in 2024, with participation increasing 38% to 529,667 from 383,082 in 2023, enabling more informal sector workers to save for retirement. Total i-Saraan contributions also saw significant growth, rising by 83% from RM1.44 billion in 2023 to RM2.64 billion in 2024. 

Total contributions in 2024 rose 11% to RM108.22 billion, reflecting increased number of members, wage growth and sustained trust in the EPF. New employer registrations stood at 71,471, bringing total registered employers to 614,563.
 

2025 Outlook

The investment environment is facing heightened risks from geopolitics, tariffs and trade wars, non-tariff barriers, climate, inflation and technological disruptions. Global economic output and central bank policies will be impacted from changing trade patterns and a move away from multilateralism. Malaysia’s economy is projected to remain resilient, supported by strong domestic demand, investment growth, and sustained exports.

Tan Sri Mohd Zuki reaffirmed the EPF’s commitment to sustainable growth, guided by its Strategic Asset Allocation (SAA). Fixed Income Instruments will continue to anchor the portfolio, providing stability, while domestic Equities will play a key role in generating returns.

“The EPF’s commitment is to deliver strong and consistent returns while maintaining its role as a trusted retirement savings institution. As the economy evolves, we carefully manage risks to ensure both short-term gains and long-term stability, allowing us to offer fair and competitive dividends to over 16 million members,” he said.

The crediting of the dividends for both Simpanan Konvensional and Simpanan Shariah will be completed on Sunday, 2 March 2025. Members may check their accounts via i-Akaun or get their statement from EPF’s Self-Service Terminal (SST) nationwide.
 

*Refer to Appendix 1 for Summary of EPF’s 2024 Investment Performance; EPF’s Dividend Chart from 2010 until 2024; and EPF’s Investment Assets as at 31 December 2024.
*Refer to Appendix 2 for Tables of EPF Year-To-Date December 2024 Members/Employers Registration; Savings of EPF Members by Age Group (as at 31 December 2024); Savings of EPF Members by Race Group (as at 31 December 2024); and Savings of EPF Members by Savings Range (as at 31 December 2024).

 

Issued by the EPF Media Desk
Corporate Affairs Department
1 March 2025
 

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^{1. Active members refer to members who contributed at least once in the last 12 months↩}

^{2. The Labour Force Survey Report, Malaysia, December 2024; Department of Statistics Malaysia, report released on 10 February 2025↩}

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APPENDIX 1

 

SUMMARY OF EPF’S 2024 INVESTMENT PERFORMANCE

*Contributions from Malaysian Government Securities and Equivalent, Loans and Bonds

 

EPF’S DIVIDEND CHART FROM 2010 UNTIL 2024

Historical Dividend (%)

 

EPF’S INVESTMENT ASSETS AS AT 31 DECEMBER 2024

Total Investment Assets (RM Bil)

 

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APPENDIX 2

 

EPF YEAR-TO-DATE DECEMBER 2024 MEMBERS / EMPLOYERS REGISTRATION

 

SAVINGS OF EPF MEMBERS BY AGE GROUP (AS AT 31 DEC 2024)

 

SAVINGS OF EPF MEMBERS BY RACE GROUP (AS AT 31 DEC 2024)

 

SAVINGS OF EPF MEMBERS BY SAVINGS RANGE (AS AT 31 DEC 2024)