KUALA LUMPUR: The Employees Provident Fund (EPF) says there are 4.81 million members in the 40-54 age range as at end December last year.
Of this, 2.17 million were active members and 2.64 million inactive members, the EPF said in a statement today to clarify that the table contained in its 2021 annual report referred to active members only.
The EPF said it was committed to placing the highest importance on the integrity of member data and adhering to strict policies, controls and audit procedures.
"This is in keeping with its role as trustee and custodian of members' retirement savings."
According to the EPF, the large difference between the averages and medians in each age cohort indicated the high degree of inequality that existed between members, where a small number of them hold a larger share of the savings.
"The median savings amount is a more appropriate measurement to assess the savings levels of EPF members as it represents the midpoint of savings when all EPF members' savings are arranged in ascending order from the lowest to the highest amount," it said.
Meanwhile, the EPF welcomed the government's one-off RM500 contribution initiative to both active and inactive members, saying it was a step towards boosting members' retirement savings
"This incentive will serve as a catalyst for members to rebuild their savings and achieve a dignified retirement, which in turn will help to mitigate the impact of Malaysia's rapidly ageing population.
"Details on the programme are being worked out with the Ministry of Finance, subject to budget approval from parliament, and will be communicated to members in due course," it added.