KUALA LUMPUR: The Employees Provident Fund (EPF) said total contributions from members to the fund grew almost 14 per cent to RM57.35 billion for the first half of 2024.
This was helped by a 91 per cent surge in voluntary contributions to RM7.51 billion, compared with RM3.93 billion in 1H23.
i-Saraan contributions, from informal and gig sector workers, doubled to RM1.61 billion from 330,196 contributors.
EPF counts 8.6 million, or those who contributed at least once in 12 months, as active members.
They now represent 50 per cent of Malaysia's 17.15 million labour force.
During 1H 2024, the EPF saw 235,032 new member registrations, bringing total membership to 16.0 million.
The number of voluntary contributors was up 39 per cent in the first half of 2024 (1H24), reaching 742,556, up from 535,307.
The number of formal sector members contributing above the statutory rate however fell to 27,121 from 38,893.
The EPF in a statement today said, Malaysia's resilient labour market hepled grow new employer registrations by 37,284, increasing active registered employers to 610,357.
EPF chief executive officer Ahmad Zulqarnain Onn said the fund's targeted outreach efforts and ongoing campaigns to boost members' savings have successfully increased participation in the i-Saraan and voluntary contribution programs.
"By extending its support to Malaysians as young as 14 years old, the EPF is resolute in its purpose of building retirement income security and uplifting future generations."This commitment aligns with the "Raise the Floor" initiative outlined in the Ekonomi MADANI framework, aiming to enhance the wellbeing of Malaysians," he said.