MOF: EPF savings low and worrying

  • 2 years ago
Deputy Finance Minister I Mohd Shahar Abdullah told the Dewan Negara today that the impact of the COVID-related withdrawal programmes on the Employees Provident Fund (EPF) members' savings is estimated at RM155 billion.

He said RM145 billion was withdrawn by members under the four withdrawal programmes, and almost RM10 billion was from the impact of the employee share statutory contribution rate reduction programme.

"The level of savings of EPF members is low and very worrying especially after the implementation of four withdrawal facilities related to COVID-19 namely the i-Lestari, i-Sinar, i-Citra and special withdrawal; and the reduction of the employee share statutory contribution rate for a period of 27 months (April 2020 until June 2022)," he said.