On the tracks of The Employees Provident Fund’s (EPF) investment income rising, the fund received total contributions of RM25.83 billion for the first quarter ended March 31, 2023 (1Q2023), its highest quarterly amount to date.
On a yearly basis, EPF said the RM25.83 billion was higher than RM21.55 billion in 1Q2022. Both quarterly contributions were higher than the pre-pandemic amount of RM19.17 billion in 1Q2019.
In a statement on Friday (June 9), the pension fund said it saw new member registrations of 116,423, bringing the total number of EPF members to 15.79 million as at March 2023.
Out of that amount, EPF said a total of 8.45 million were active members, which now represent 50% of Malaysia’s 16.81 million labour force. Active members refer to members who contributed at least once in the last 12 months.
It said new employer registrations also showed a strong growth of 24,281 during the period, bringing the total number of employers registered with the EPF to 595,730.
“Malaysia’s steady recovery in labour market conditions and ongoing policy support helped the EPF to record a better active-to-inactive member ratio, which jumped from 51:49 in 1Q2022 to 53:47 in 1Q2023,” it said.
Despite the positive trend in membership growth and improving labour market conditions, EPF chief executive officer Datuk Seri Amir Hamzah said the fund remains concerned over the future wellbeing of the more than 40% of Malaysian workforce that are still not covered by any form of social protection.
“To address the matter, EPF is taking steps to enhance coverage of the country’s labour force through i-Saraan, which has been designed to allow workers in the informal sector or with no formal income to save for their retirement with EPF,” he said.
Based on EPF data, i-Saraan recorded new registrations of 62,952 throughout 1QFY2023, raising the total number of i-Saraan members to 997,659, representing a 67% increase from the 598,874 in 1Q2022.
