KUALA LUMPUR (July 6): More than a third of active Employees Provident Fund (EPF) members have savings in line with the retirement fund’s age-based basic savings target, according to the Ministry of Finance.

As at end-May 2026, 38.3% or 3.04 million of the 7.94 million active members aged 18 to 60 have achieved the basic savings level in accordance with their respective ages, Deputy Finance Minister Liew Chin Tong told Dewan Rakyat on Monday.

“This represents a clear and encouraging improvement compared with 35.0% or 2.71 million out of 7.74 million active members aged between 18 and 60 years, who had achieved the age-based basic savings benchmark as of May 31, 2025,” Liew said.

The EPF’s basic savings level targets members to have savings of RM390,000 by age 60.

Its Retirement Income Adequacy framework provides members with recommended savings levels in line with their age.

“The efforts implemented by the EPF have directly helped improve members' savings levels, with savings adequacy measured based on the achievement of the basic savings benchmark according to the prescribed age,” Liew said.

The EPF’s efforts to boost savings include enabling formally employed members to contribute above the statutory contribution rate via i-Topup and voluntary contributions with an annual limit of RM100,000 a year via i-Simpan.

It also implemented i-Legacy, which allows members above 55 and with savings exceeding RM650,000 — the adequate savings level — to transfer part of their savings to a younger immediate family member.

Liew noted that under i-Legacy, RM46.3 million has been transferred by 63 applicants to 86 recipients as at May this year.

“The government and the EPF will continue to strengthen close cooperation in formulating holistic policies and financial mechanisms, including improvements to contribution incentives and social protection, to enhance retirement savings adequacy and ensure the future financial well-being of EPF members,” he added.

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