KUALA LUMPUR: The Employees Provident Fund (EPF) recorded RM75.9 billion in members’ contributions in 2019.
In the same year, the EPF saw a 24.6 per cent growth in i-Akaun subscribers from 2018’s 6.1 million subscribers, to 7.6 million subscribers and employers registered under the EPF grew by 3.0 per cent from 507,100 to 522,300 employers.
The fund received an average monthly contribution collection of RM6.3 billion, which translates to approximately RM144,000 per minute from 14.6 million members, out of whom 7.6 million were active members.
“There was a total of RM44.8 billion in withdrawals which translates into an estimated RM85,000 disbursed to members every minute. Net contributions to the EPF came up to RM31.1 billion, or an average of RM2.6 billion monthly and RM59,000 per minute,” it said in a statement today.
EPF members encompass five generations of the Malaysian workforce: 1.4 per cent were born between years 1900 to 1940, 8.0 per cent are baby boomers (born between years 1941 to 1960), 38.3 per cent are from Generation X (born between years 1961 to 1980), 51.5 per cent are from Generation Y (born between years 1981 to 2000) and 0.9 per cent are from Generation Z (born in 2001 onwards).
In order to better serve its members, the EPF undertook several initiatives in 2019 such as the launch of i-Invest which recorded a transaction value of RM81.8 million, benefitting over 10,000 members, since the launch in August 2019.
Financial literacy remained one of the core initiatives for the year, with the launch of the Belanjawanku and My Money Matters guides, both providing information and tips on financial spending.
Voluntary contribution schemes i-Saraan (for informal workers) and i-Suri (for housewives) recorded RM144 million and RM7.4 million in transactions respectively, underlining the EPF’s commitment to expanding social security coverage.
In addition, the EPF’s award-winning Retirement Advisory Service, which aims to empower and equip members with the knowledge and tools to manage their finances in retirement, was expanded to 52 of the EPF’s 68 branches, from 28 branches in 2018. – Bernama