KUALA LUMPUR: The Employees Provident Fund (EPF) is revising the quantum for basic savings from the current RM228,000 to RM240,000 effective Jan 1, 2019.
The basic savings represents the amount considered sufficient to support EPF members’ basic needs for 20 years upon retirement at age 55.
“The new quantum is benchmarked against the minimum pension for public sector employees, which has been raised from RM950 to RM1,000 per month,” the EPF said in a statement today.
Strategy Management Department Head Balqais Yusoff said the EPF basic savings quantum was revised periodically according to the minimum pension for public sector employees, or every three years, whichever is earlier, with the last revision in 2017.
The EPF said with the revision, members would be required to have higher savings in their EPF account in order to be eligible to participate in the EPF Members Investment Scheme.
The investment scheme provides members with an option to have a portion of their EPF savings in Account 1 invested in unit trust funds or via private mandates managed by the appointed Fund Managers Institutions.
For more information, members can call the EPF Contact Management Centre at 03-89226000, refer to the EPF website at www.kwsp.gov.my, or visit any of the 67 EPF branches nationwide. - Bernama