The Employees Provident Fund (EPF) said that it has disbursed a one-off contribution of RM500 to 1.4 million members aged between 40 to under 55, who have savings of RM10,000 and below in their Akaun 1 as of 24 February 2023.

This Government Additional Contribution incentive, which was announced by Prime Minister Datuk Seri Anwar Ibrahim during the tabling of Budget 2023 back in February 2023, came up to a total spend of RM708 million. It is aimed at helping and encouraging EPF members with low savings and who are near retirement age so that they will continue to rebuild their retirement funds following several rounds of special withdrawals due to Covid-19.

“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,” the provident fund shared in a statement.

The EPF further said that members can reach out to its contact management centre at 03-8922 6000 for additional information if they have queries regarding the Government Additional Contribution incentive. Alternatively, they can head on over to the EPF website for more details.

(Source: EPF)

• TAGS:
• Budget 2023
• Employees Provident Fund
• Employees Provident Fund (EPF)
• EPF Government Additional Contribution Incentive