1.4 MILLION MEMBERS RECEIVE ONE-OFF RM500 GOVERNMENT CONTRIBUTION INCENTIVE TO BOOST INCOME SECURITY

KWASA DAMANSARA, 10 January 2024: The Employees Provident Fund (EPF) announces the disbursement of a RM708 million Government Additional Contribution incentive to 1.4 million EPF members aged between 40 and under 55. This incentive is allocated to 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, seeks to encourage EPF members with low savings and nearing retirement age to continue to save and accelerate the accumulation of their retirement savings. It aligns seamlessly with the EPF’s overarching purpose to elevate savings adequacy and contribute significantly to the broader societal goal of building a resilient financial future.

 

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.

Issued by the EPF Media Desk 
Corporate Affairs Department
10 January 2024

About the Employees Provident Fund (EPF)

The Employees Provident Fund® (“EPF®”) is one of the oldest retirement funds in the world. Established in 1951, the EPF® is a social-security organisation focused on safeguarding member savings and delivering excellent services. In recent years, in line with its vision of helping members achieve a better future, the EPF® has expanded its role to encompass the creation of a comprehensive social well-being ecosystem. Today, the EPF® remains steadfast in its commitment to members through consistent efforts to update and improve itself, in order to build the foundation for sustainable, holistic and equitable well-being for all Malaysians.