Despite big dividend, many focus on needs over wants


PETALING JAYA: With contributors still “high” after the 6.3% annual dividend announcement by the Employees Provident Fund (EPF), many have pledged not to let their wants rule over their needs.

Most of those interviewed said they planned to use their EPF flexible account to settle existing debts, with others saying they would rather wait till the next dividend announcement before deciding what to do.

Customer service representative Pravin Rasu, 32, said he preferred to let his retirement nest grow with accumulated interest.

“The government has done a great job with the fund and we have to do our part by saving more in EPF,” he added. 

Communications executive Terry Tiong, 33, said he planned to use some of his EPF funds to renovate his new home that will be delivered this June. 

“Renovations is very costly these days and I really hope that my savings in Accounts 2 and 3 will be enough for it,” he said. 

Other than that, Tiong pledged to let his savings grow in EPF with the fund performing well.

“At least it is safe and not volatile like investing in stocks or crypto-currency,” he added. 

Content executive Zarina Mohd revealed that she only had a negligible amount left in her flexible account after paying off credit card debts and other obligations.

“I used it like a bank account. So even with more than RM7,000 in dividends, I have barely RM200 left in my Account 3. I can’t really do much with it.

“I will just let it grow with the monthly contributions,” said the 35-year-old from Kuala Lumpur.

Engineer K. Mithran, 32, said he wanted to use the money from Account 3 to buy a new phone.

“I have been wanting to change my phone for six months. Now that I have enough in my Account 3 with the dividends, I can now withdraw and make the purchase,” he added.

Asked whether he would replenish his EPF savings with voluntary contributions,  Mithran said he preferred to use funds that were available rather than keep it till retirement.

EPF, in a recent Facebook post, advised Malaysians to be wary of scams and only obtain information from official channels. 

It also urged Malaysians to be careful of scam activities misusing EPF’s identity. 

Factcheck website Sebenarnya.my has also warned Internet users against falling for the new modus operandi of the scammers.

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Nation

AKPS chief Shuhaily's new police posting yet to be decided, says IGP
Malaysia receives first FA-50M light combat aircraft from South Korea
KTM Komuter train window shattered by vandalism, KTMB confirms
Nepal floods: PERKESO payments to next of kin expected on Nov 4, says Masfih
Melaka polls: MCA ready for tough fight in four seats, says Dr Wee
Floods: Situation improves in Kedah but worsens in Negri
Shah Alam High Court strikes down condo JMB's blanket pet ban
Melaka polls: Adly vows to complete two unfinished Bukit Katil projects if re-elected
Finance Ministry has never directed cancellation of rural road projects, says Tengku Zafrul
Melaka polls: Adly defends young Pakatan candidates against criticism

Air Pollutant Index

Note: API is calculated based on 24hr running average of the most dominant parameter.

Highest API Readings

    Select State and Location to view the latest API reading

    Others Also Read