Improving retirement savings adequacy

Amir said a more inclusive social protection system was needed in Malaysia, as the coverage was currently narrow and inadequate.

PETALING JAYA: The Employees Provident Fund (EPF) is focused on the extension of its coverage and enhancing members’ retirement savings adequacy.

The provident fund’s chief executive officer Datuk Seri Amir Hamzah Azizan said as of May 2023, only 30% of the EPF’s active formal members met the basic savings benchmark of RM240,000 by the minimum age of 55, while only 18% of its total members met the same threshold.