KUALA LUMPUR: The strong and competitive dividend performance by the Employees Provident Fund (EPF) in 2024 proves its resilience and commitment to ensuring the retirement future of its members is secure, says Deputy Finance Minister Datuk Seri Amir Hamzah Azizan.
"Congratulations to EPF! Alhamdulillah, EPF has once again exceeded expectations, despite facing global economic uncertainties," he said in a post on his Instagram social media page.
ALSO READ: EPF Act on foreign worker contributions to be tabled next week in Parliament
Today, EPF announced a dividend rate of 6.3% for conventional savings, amounting to RM63.05bil in distribution, and 6.3% for shariah savings, with RM10.19bil in distribution.
The total distribution for 2024 is RM73.24bil.
ALSO READ: EPF lauded for impressive performance, 6.3% dividend rate
Also noteworthy is that Shariah Savings achieved performance on par with conventional savings following the implementation of the separation of both funds in January 2024, said Amir Hamzah.
He mentioned that the increase in voluntary contributions also clearly shows that more Malaysians are choosing to have sufficient savings for their retirement.
ALSO READ: EPF records RM74.46bil in investment income for 2024, 11% jump over previous year
In Saturday’s (March 1) announcement, EPF said the EPF Outreach Program saw encouraging growth in the number of voluntary contributors, which reached 1,193,396, a 32% increase from 902,213 in 2023.
"These three achievements, namely the dividend performance, the surge in shariah savings performance, and the significant increase in voluntary contributions, are important signs that the country's economy is becoming stronger," said Amir Hamzah.
ALSO READ: EPF: 6.3% dividend for both conventional and syariah savings for 2024
He added that EPF's excellent dividend performance not only benefits the members' retirement savings but also contributes to the overall economy of the country.
Under the administration of Prime Minister Datuk Seri Anwar Ibrahim, the government's pro-growth policies, investments in infrastructure, and fiscal measures under the Madani Economy framework play a critical role in boosting business confidence and supporting key sectors such as manufacturing, services, and technology.
ALSO READ: EPF to announce 2024 dividends on March 1, says source
EPF is one of six Government-Linked Investment Companies (GLIC) participating in the GEAR-uP program led by the Finance Ministry to accelerate the restructuring of the nation's economy under the Madani Economy framework.
Under this program, the involved GLICs are committed to investing RM120bil in domestic direct investment (DDI) over the next five years and RM440bil in public market investments.
The GEAR-Up program is also joined by Khazanah Nasional Bhd, the Retirement Fund (Incorporated) or KWAP, Permodalan Nasional Bhd, Tabung Haji, and the Armed Forces Fund Board (LTAT). - Bernama
