KUALA LUMPUR: The Employees Provident Fund (EPF) today announced that it has disbursed RM500 one-off government additional contribution incentive to 1.4 million members with EPF savings of RM10,000 or less in their Account 1 as of Feb 24, 2023.
The RM708 million payout are specifically for members aged between 40 and under 55 years of age.
The contribution incentive was announced during the tabling of Budget 2023 on Feb 24, 2023.
EPS said, the incentive seeks to encourage EPF members with low savings and nearing retirement age to continue to save and accelerate the accumulation of their retirement savings.
The move aligns with the EPF's overarching purpose to elevate savings adequacy and contribute significantly to the broader societal goal of building a resilient financial future.
In November 2023, the Ministry of Finance told Parliament that the number of EPF members under the age of 55 having less than RM10,000 in their accounts grew to 6.3 million as of September 30, from 4.7 million in April 2020.
In April 2020, the government introduced Covid-19-related special withdrawals for EPF.
