Over 200,000 EPF contributors have sufficient basic savings before age 55, says Ministry

KUALA LUMPUR: The Dewan Negara was on Wednesday told that there are 227,000 contributors of the Employees' Provident Fund (EPF) who have basic savings of at least RM240,000 in Account 1 by the age of 55, as of February.

Finance Minister II Senator Datuk Seri Amir Hamzah Azizan said the total represents EPF contributors between the ages of 50 and 54 or 41% of 551,000 contributors in the age group.

Besides, he said a total of 604,000 members made voluntary contributions to increase their savings, with a total contribution of about RM8.42bil last year.

"Members can also choose and work with employers to increase contributions because this is one of the attractiveness of the company by helping employees to increase contributions," he said during a question and answer session at Dewan Negara on Wednesday (March 27).

He said this when replying Senator Mohd Hasbie Muda's question regarding the number of EPF contributors aged over 50 this year who have sufficient savings. - Bernama