EPF's evolution: Recent initiatives for members

PETALING JAYA: As Employees' Provident Fund (EPF) members wait for the anticipated announcement of the Account 3 on Thursday (April 25), what other changes has the country's largest retirement fund seen lately?

Here's a brief list:

This year, the annual limit of EPF voluntary contributions for members has been increased from RM60,000 to RM100,000.

Since January, it had also separated its Shariah Savings, which it introduced in 2017, from Conventional Savings.

This year, EPF announced that the government had raised its maximum matching incentive limit for i-Saraan from RMRM300 to RM500 per year, and a 50% incentive for every RM1 under i-Suri.

Launched in 2018, the i-Saraan is for the self-employed and gig workers while the i-Suri is for housewives, widows and single mothers registered under e-Kasih.

Just last year in 2023, the i-Sayang was introduced to allow husbands to voluntarily transfer 2% of their EPF monthly contributions to their wives account. This was later extended to house husbands.

In 2017, Akaun Emas was introduced for members who continue to work after age 55. Funds from new contributions after the age of 55 in this account can only be withdrawn upon reaching 60.

It also announced the extension of the dividend payment age limit to 100, up from 75 previously.

EPF also gives members with more than RM1mil in savings the flexibility to withdraw and manage excess savings on their own.

As in December 2023, EPF has 8.52 million active members, representing 50% of Malaysia's 17.03 million labour force. Last year, there were also 460,447 new members.

Its total fund size is about RM1.1tril in 2023.