A total of 63 applications under the Employees Provident Fund (EPF) i-Legasi initiative have been approved, involving the transfer of RM46.3 million in retirement savings to 86 beneficiaries, according to Deputy Finance Minister Liew Chin Tong.
Liew said the initiative, which was introduced on Feb 1 this year, allows EPF members aged 55 and above with savings exceeding the Adequate Savings benchmark of RM650,000 to transfer part of their retirement funds to EPF accounts of eligible immediate family members.
“This initiative implemented by the EPF has directly helped improve members’ savings levels, with savings adequacy assessed based on the achievement of the Basic Savings target according to the prescribed age,” he said during the question-and-answer session in the Dewan Rakyat on Monday.
He was responding to a question from Datuk Seri Aminuddin Harun (PH-Port Dickson), who had asked about government measures and strategies to ensure Malaysians have sufficient retirement savings and income amid rising living costs and the transition towards an ageing nation by 2030.
Liew added that as of May 31, a total of 3.04 million active Malaysian EPF members aged between 18 and 60 had achieved the Basic Savings target for their respective age, representing 38.3% of the 7.94 million members in that group. The benchmark for age 60 is RM390,000.
He noted that this was an increase from 35%, or 2.71 million members, recorded as of May 31, 2025.
According to Liew, the government and EPF will continue strengthening collaboration on policy measures and financial mechanisms, including contribution incentives and social protection, to improve retirement adequacy and safeguard members’ long-term financial wellbeing.
