PETALING JAYA: More women in the country are becoming financially aware and actively planning for their retirement, including contributing to the EPF even if they are not formally employed, says a women’s group.
Malaysian Women’s Development Organisation president Ng Geok Chee said financial awareness among women varies by location and background, with urban women generally more informed due to better access to information.
“Many are quite knowledgeable, even among retirees. They’ve made arrangements to ensure they are financially secure without relying on their children,” she said.
Ng, who is also a lawyer, said women involved in social and community activities tend to be more proactive and better informed.
“One woman I spoke to had no financial support from her husband for three years but still managed to care for her family.
“These women aren’t financially helpless. They’re just emotionally burdened but they do make plans for the future,” she said.
However, Ng said women in rural areas, especially those middle-aged and less educated, often lack access to information and support.
She urged more targeted outreach by the government and non-governmental organisations, including one-stop centres and public talks to help women understand their rights and financial options.
As of March 14, the savings trend among women showed an increase through the i-Suri scheme.
Finance Minister II Datuk Seri Amir Hamzah Azizan said the number of recipients increased by 77% compared with 42,759 members in 2023.
Amir Hamzah said 75,196 members had received government incentives totalling RM11.4mil under the scheme.
The incentive rate for i-Suri in 2024 is a matching contribution of 50% for every ringgit contributed to the Employees Provident Fund (EPF) with a maximum incentive of RM300 per year.
“This incentive is subject to a lifetime limit of RM3,000 per individual under the age of 55,” he added.
Meanwhile, the Statistics Department (DOSM) revealed that Malaysian women continue to fall behind men in earnings and as a result have less capacity to save.
According to its latest Salaries and Wages Report 2023, it found that while overall working Malaysians are earning more across the board, the gender pay gap continues to persist, with women still earning less than men both in median and mean wages.
In 2023, the number of salary and wage recipients rose by 1.1% to 10.11 million people, up from 10 million in 2022.
The overall median monthly salary increased by 7.1% to RM2,602, compared to RM2,429 the previous year.
Similarly, the mean monthly salary grew by 6.9% to RM3,441 – signifying improved earning potential for a large portion of the workforce.
However, a closer look at the data reveals that the wage gap between men and women remained.
The report indicated that male employees saw a 7.1% increase in their median monthly salary, rising from RM2,498 in 2022 to RM2,675 in 2023. The result is an increase of RM177.
In comparison, female employees recorded a 6.9% increase, or RM159, bringing their median monthly salary to RM2,464, up from RM2,305 the year before.
The gap is also evident in mean salaries.
It said that the mean monthly wages for male employees have increased by 7.4% to RM3,532.
For female employees, mean wages rose by 6.2% to RM3,311.
The wage difference of RM221 between male and female workers displayed a disparity in earnings between genders, even as both groups experience income growth.
While the rise in salaries is a positive development for the workforce, the data points to a continued imbalance in how income is distributed between men and women.
Although the gap is slightly narrower compared to previous years, it still translates to lower annual earnings for women, which could impact their ability to save, invest and prepare for retirement.
