EPF pays out RM708mil govt additional contribution incentive

KUALA LUMPUR: The Employees Provident Fund (EPF) today announced the disbursement of a RM708mil Government Additional Contribution incentive to its 1.4 million members aged between 40 and under 55.

The incentive was allocated to individuals with EPF savings of RM10,000 and below in their Account 1 as of Feb 24, 2023, it said in a statement.

"The one-off RM500 contribution incentive, which was announced during the tabling of Budget 2023 on Feb 24, 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.

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"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,” said EPF.

For more information on the Government Additional Contribution incentive, members can refer to the Frequently Asked Questions available on the EPF website at www.kwsp.gov.my or contact the EPF Contact Management Centre at 03-8922 6000. - Bernama