872,000 EPF members make voluntary contributions as of Aug 2024, says Finance Ministry

KUALA LUMPUR: A total of 872,000 or 10.2% of active Employees Provident Fund (EPF) members have made voluntary contributions amounting to RM9.39bil 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 on Monday (Oct 28).

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% 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% 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 RM22.1mil recorded as of August 2024.