KUALA LUMPUR: The Employees Provident Fund (EPF) has announced the distribution of a RM708 million Government Additional Contribution incentive to 1.4 million of its members aged between 40 and under 55.
The incentive was given to individuals who had EPF savings of RM10,000 and below in their Account 1 as of February 24, 2023, according to a statement.
“The one-off RM500 contribution incentive, which was announced during the tabling of Budget 2023 on February 24, 2023, aims to encourage EPF members with low savings and nearing retirement age to continue to save and accelerate the accumulation of their retirement savings,” said EPF.
“It 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,” said EPF.
For more information on the Government Additional Contribution incentive, members can refer to the Frequently Asked Questions available on the EPF website at www.kwsp.gov.my or contact the EPF Contact Management Centre at 03-8922 6000. – Bernama
