6.3m EPF contributors under 55 have less than RM10k savings

Insufficient savings in the Employees Provident Fund (EPF) is at a serious level, with 6.3 million members under the age of 55, or 48 percent, having less than RM10,000 in their accounts as of Sept 30, said the Finance Ministry.

In a written reply posted on the Parliament website yesterday, the ministry said the figure rose from 4.7 million members (37 percent) recorded in April 2020, before the introduction of Covid-19-related special withdrawals.