By Admin
KUALA LUMPUR( Feb 3): The Employee Provident Fund’s (EPF) voluntary savings and “top-up” scheme collected RM13 billion last year, according to FMT on Monday, citing an official.
According to the report, citing the official, more than 1.6 million members had contributed and of these, 1.2 million were regular contributors, and 400,000 participated in the i-Saraan scheme for self-employed and casual workers.
i-Saraan contributors get a 20% government incentive, capped at RM500, on their contributions.
EPF members can voluntarily add up to RM100,000 annually to their accounts.
According to the official, 70% of members have not accessed their funds in the Flexible Account (Account 3), which permits unrestricted withdrawals.
Approximately three million members aged 55 and above, who can withdraw all their savings, choose to retain their funds in EPF, due to its superior returns and security.