35 pct of 54-year-old EPF members have savings below RM10,000 – Steven Sim

KUALA LUMPUR, Nov 29 (Bernama) – Some 35 per cent of Employees Provident Fund (EPF) members who have turned 54 years old as of Jan 1, 2023, have less than RM10,000 in savings, said Deputy Finance Minister Steven Sim Chee Keong.

These 94,827 members had combined life savings totalling RM246.1 million, he said.

Those with savings totalling more than RM1 million form the lowest percentage at 2.0 per cent, or only 4,877 members, with a combined nest egg totalling RM7.9 billion, he said.

“As of Jan 1, 2023, there were 274,715 members aged 54, or 1.7 per cent of the fund’s total 15.7 million members, with total savings amounting to RM35.72 billion," he said during a question-and-answer session at the Dewan Rakyat today.

Sim was responding to a question from Datuk Seri Dr Dzulkefly Ahmad (Kuala Selangor-Amanah) on the savings breakdown of EPF members aged 54 years old on Jan 1, 2023.

EPF members aged 54 with savings of between RM10,001 and RM20,000 make up eight per cent, followed by 13 per cent with between RM20,001 and RM50,000, and 12 per cent with between RM50,001 and RM100,000.

An equal 13 per cent have between RM100,001 and RM200,000, and RM200,001 and RM500,000, while four per cent have between RM500,001 and RM1 million.