EPF: 6.3 million members under 55 have less than RM10,000 savings

KUALA LUMPUR: The issue of insufficient savings in the Employees Provident Fund (EPF) is at a serious level, with 6.3 million members under the age of 55, or 48%, having less than RM10,000 in their accounts as of Sept 30, says the Finance Ministry.

In a written reply posted on the Parliament website on Monday (Nov 20), the ministry said the figure rose from 4.7 million members (37%) recorded in April 2020, before the introduction of Covid-19-related special withdrawals.