SUNGAI BULOH: The Employees Provident Fund (EPF) has seen more than a 30 per cent year-on-year (YoY) increase in voluntary contribution, reaching the one million contributors milestone, according to its chief executive officer Ahmad Zulqarnain Onn.
This is compared to 700,000 voluntary contributors for the same period last year.
"We see a year-on-year increase in voluntary contribution and it is a good trend. "The trajectory of voluntary contribution should increase over time because it has increased more than 30 per cent on a yearly basis. It should be a decent growth rate going into next year" he said at a briefing on the launch of Belanjawanku 2024/2025 here today.
With one million voluntary contributors, the amount totalled RM11 billion. "What's important to us is the number of people rather than the amount because what we want to see is informal workers coming in to contribute voluntarily," added Ahmad Zulqarnain.
He added that out of 100 Malaysians who are in the labour force, only 60 per cent have a retirement plan either with the EPF or through the civil service pension plans.
"So there is 40 per cent of them that do not have a retirement plan. Our voluntary contribution is catered more for this 40 per cent," he said.