Inconsistent contribution among reasons for members’ meagre savings, says EPF
The Employees’ Provident Fund says 44% of contributors earn less than RM2,000, while 81% have an income of less than RM5,000. – The Malaysian Insight file pic, March 9, 2023.
In a statement today, EPF said another factor was structural wage challenges, where 44% of EPF contributors earn less than RM2,000, while 81% have an income of less than RM5,000. “In addition, only half of the private sector labour force, who are under formal employment contracts, are mandated to contribute to the EPF and the remaining comprises individuals in other sectors, such as agriculture or informal work, or contract workers and business owners,” it said.
As of the end of December 2022, there were 4.81 million EPF members in the 40-54 age range. The fund said 2.17 million of whom were active members while 2.64 million are inactive members .
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