KUALA LUMPUR – The Employees Provident Fund (EPF) saw a total of 107,105 new member registrations in the first quarter (1Q 2024), bringing the total membership to 16.1 million.
The EPF said of that number, 8.6 million were active members, representing 50% of Malaysia’s 17.1 million labour force.
“New employer registrations also showed strong growth of 20,080 during the period, bringing the total number of employers registered with the EPF to 608,433.
“Total contributions received increased from RM25.83 billion in 1Q 2023 to RM29.13 billion in 1Q 2024,” it said in a statement today.
The quarter under review also witnessed the EPF maintaining an active-to-inactive member ratio of 53:47 in 1Q 2024, consistent with the same period in the previous year, with 8.6 million active members from a total membership of 16.1 million.
“To ensure more Malaysians from the informal sector and gig workers receive formal social protection coverage, the EPF continues to expand its i-Saraan coverage, enabling workers in the informal sector, or without formal income, to save for retirement with the EPF while also receiving government incentives.
“Throughout 1Q 2024, i-Saraan recorded new registrations of 146,171, boosting its total i-Saraan membership to 1.4 million, representing an increase of 43.9% from 997,659 in the corresponding quarter last year,” it said.
EPF chief executive officer Ahmad Zulqarnain Onn said the increase in the number of Malaysians opting to save with EPF, as well as current members making voluntary contributions, signifies the continued economic growth momentum of the country under Malaysia Madani policies.
“The EPF will continue to enhance its capabilities to meet the evolving needs and expectations of members and employers, as well as build up its portfolio performance guided by its long-term strategic asset allocation,” he said. – June 12, 2024