EPF Ba­sic Sav­ings tar­get raised

The Sun (Malaysia) - - NEWS WITHOUT BORDERS -

KUALA LUMPUR: The Em­ploy­ees Prov­i­dent Fund (EPF) has re­vised the quan­tum for the min­i­mum Ba­sic Sav­ings for mem­bers aged 55, from RM228,000 to RM240,000.

The fund said in a state­ment that ef­fec­tive Jan 1, 2019, the amount will be set as the min­i­mum tar­get EPF mem­bers should have upon reach­ing age 55.

EPF’s Ba­sic Sav­ings refers to the amount that is con­sid­ered suf­fi­cient to sup­port mem­bers’ ba­sic needs for 20 years upon re­tire­ment, be­tween the ages of 55 and 75, in line with Malaysians’ life ex­pectancy.

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 Ba­sic Sav­ings quan­tum is re­vised pe­ri­od­i­cally ac­cord­ing to the min­i­mum pen­sion for pub­lic sec­tor em­ploy­ees, or ev­ery three years, which­ever is ear­lier, with the last re­vi­sion hav­ing taken ef­fect in 2017,” EPF Head of Strat­egy Man­age­ment Depart­ment, Balqais Yusoff, said.

Mem­bers will now ac­cord­ingly be re­quired to have higher sav­ings in their EPF ac­count in or­der to be el­i­gi­ble to par­tic­i­pate in the EPF Mem­bers In­vest­ment Scheme, which pro­vides mem­bers with an op­tion to have a por­tion of their EPF sav­ings in Ac­count 1 in­vested in unit trust funds.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.