1.4 mil EPF members to receive one-off RM500 government incentive to improve income security

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KUCHING, Jan 10: The Employees Provident Fund (EPF) today announces a one-off RM500 contribution incentive to 1.4 million members with EPF savings of RM10,000 or less in their Account 1 as of Feb 24, 2023.

In a statement today, EPF said it involves the the disbursement of RM708 million specifically for members aged between 40 and under 55.

The one-off RM500 contribution incentive was announced during the tabling of Budget 2023 on Feb 24, 2023.

EPF emphasised that the incentive seeks to encourage EPF members with low savings and nearing retirement age to continue to save and accelerate the accumulation of their retirement savings.

The measure aligns seamlessly with the EPF’s overarching purpose to elevate savings adequacy and contribute significantly to the broader societal goal of building a resilient financial future.

For more information on the government additional contribution incentive, members may refer to the FAQs available on the EPF website at www.kwsp.gov.my or contact the EPF Contact Management Centre at 03-8922 6000. — DayakDaily