Sim: 35pct of 54-year-old EPF members have savings below RM10k

Some 35 percent of Employees Provident Fund (EPF) members who have turned 54 years old as of Jan 1, 2023, have less than RM10,000 in savings, said Deputy Finance Minister Steven Sim Chee Keong.

These 94,827 members have combined life savings totalling RM246.1 million, he said.

Those with savings totalling more than RM1 million form the lowest percentage at 2 percent, or only 4,877 members, with a combined nest egg totalling RM7.9 billion, he said.

“As of Jan 1, 2023, there were 274,715 members aged 54, or 1.7 percent of the fund’s total 15.7 million members, with total savings amounting to RM35.72 billion,” he said during a question and answer session at the Dewan Rakyat today.

Sim was responding to a question from Dzulkefly Ahmad (Amanah-Kuala Selangor) on the savings breakdown of EPF members aged 54 years old on Jan 1, 2023.

EPF members aged 54 with savings of between RM10,001 - RM20,000 account for eight percent, followed by 13 percent with between RM20,001 - RM50,000, and 12 percent with between RM50,001 - RM100,000.

Meanwhile, about 13 percent have between RM100,001 - RM200,000, and RM200,001 - RM500,000, while four percent have between RM500,001 - RM1 million.

- Bernama