The Employees Provident Fund has announced the disbursement of a RM708 million Government Additional Contribution incentive to 1.4 million EPF members aged between 40 and under 55, allocated to individuals with EPF savings of RM10,000 and below in their Account 1 as of 24 February 2023.
The one-off RM500 contribution incentive, which was announced during the tabling of Budget 2023 on 24 February 2023, was aimed to encourage EPF members with low savings and nearing retirement age to continue to save and accelerate the accumulation of their retirement savings. It aligns seamlessly with the EPF’s overarching purpose to elevate savings adequacy and contribute significantly to the broader societal goal of building a resilient financial future.
Since the pandemic and flood situation withdrawal under the i-Sinar program initiated by the previous administration, many EPF members saw their savings dwindle to alarming levels prompting Prime Minister Anwar to halt all unnecessary withdrawals and looked at helping members build back their nest.
