35% of 54-year-old EPF members have savings below RM10,000 – Steven Sim

Some 35% of Employees Provident Fund (EPF) members who have turned 54 years old as of Jan 1, 2023, have less than RM10,000 in savings, said Deputy Finance Minister Steven Sim Chee Keong.

These 94,827 members had combined life savings totalling RM246.1 million, he said.

Those with savings totalling more than RM1 million form the lowest percentage at 2.0%, or only 4,877 members, with a combined nest egg totalling RM7.9 billion, he said.

“As of Jan 1, 2023, there were 274,715 members aged 54, or 1.7% of the fund’s total 15.7 million members, with total savings amounting to RM35.72 billion,” he said during a question-and-answer session at the Dewan Rakyat today.

Sim was responding to a question from Datuk Seri Dr Dzulkefly Ahmad (Kuala Selangor-Amanah) on the savings breakdown of EPF members aged 54 years old on Jan 1, 2023.

EPF members aged 54 with savings of between RM10,001 and RM20,000 make up 8%, followed by 13% with between RM20,001 and RM50,000, and 12% with between RM50,001 and RM100,000.

An equal 13% have between RM100,001 and RM200,000, and RM200,001 and RM500,000, while 4% have between RM500,001 and RM1 million. — BERNAMA