KUALA LUMPUR: The Employees Provident Fund's (EPF) 2023 performance has shown a positive growth in member registrations in line with the continued strengthening of the Malaysian labour market.
As at December 2023, the EPF's new member registrations amounted to 460,447, bringing the total number of members to 16.07 million.
Out of the figure, a total of 8.52 million were active members, who now represent 50 per cent of Malaysia's 17.03 million labour force as at end 2023.
The active member base remained constant at 53 per cent:47 per cent of active-to-inactive member ratio as at December 2023, derived from the ratio of active members of 8.52 million against the total number of members at 16.07 million.
The positive increase in the EPF's active members over Malaysia's total labour force was attributed to the fund's coverage expansion initiatives.
EPF chairman Tan Sri Ahmad Badri Mohd Zahir said by extending the EPF's reach, it ensures that more individuals have access to proper social protection and future income security, thereby fostering greater financial inclusivity and resilience across the society.
The EPF's ongoing efforts in widening coverage can also be seen through the encouraging growth of its i-Saraan programme, which allows workers in the informal sector or with no formal income to save for their retirement with the EPF.
In 2023, the number of i-Saraan participants recorded a substantial increase of 31 per cent to 382,983 from 291,743 in 2022.
Overall, total contributions collected during 2023 increased to RM97.56 billion, an improvement of 15 per cent from 2022.
The increase reflects improvements in members' financial capacity resulting from the progressive recovery of incomes, employment, and the economy. It also highlights the continuous trust in the EPF in safeguarding members' savings.
New employer registrations were recorded at 82,005 as at end 2023, bringing the total number of employers registered with the EPF to 606,187.