872,000 EPF Members Make Voluntary Contributions As Of August 2024 - Lim

KUALA LUMPUR, Oct 28 (Bernama) -- A total of 872,000 or 10.2 per cent of active Employees Provident Fund (EPF) members have made voluntary contributions amounting to RM9.39 billion as of Aug 31 this year.

Deputy Finance Minister Lim Hui Ying said members could contribute voluntarily to increase their savings, subject to a maximum amount of RM100,000 per year, effective June 1, 2023.

“These voluntary contributions can be made anytime through mobile applications, internet banking, Bank Simpanan Nasional, bank agent counters and EPF counters,” she said during the question-and-answer session at the Dewan Rakyat today.

She was responding to a supplementary question from Syerleena Abdul Rashid (PH-Bukit Bendera) on measures taken by EPF to boost members’ savings.

In addition, Lim said 263,000 or 3.3 per cent of active formal members have registered to contribute above the statutory contribution rate for employees.

“For members who are employed, they can opt to contribute more than the statutory contribution rate of 11 per cent at any time,” she said.

Meanwhile, Lim said approximately 86,000 husbands in Malaysia have joined the i-Sayang programme since its launch in 2013, with a total transfer of RM22.1 million recorded as of August 2024.

“The i-Sayang programme allows husbands to allocate two per cent of their monthly EPF contribution (employee share) voluntarily to their wives’ EPF accounts,” she said.

-- BERNAMA