GEORGE TOWN: Penang boasts the highest financial literacy rate in the northern region at 36 per cent, surpassing the national average of 29 per cent.
As of October this year, 29 per cent of Penang's members have achieved the basic savings rate set by the EPF.
A total of 199,000 members under the age of 55 have met this target.
EPF northern region director Jeffary Mohamed Isa said this was clear evidence of the Penang government's strong commitment in realising EPF's retirement agenda and, specifically, in helping more members face a better retirement future.
"EPF remains committed to promoting the retirement agenda for the people of Malaysia and Penang.
"The success of over 400 outreach programmes held in Penang this year, contributed to the activation of more than 634,000 EPF members statewide," he said when officiating the 2024 EPF Best Employer Award ceremony here today.
The event was graced by Chief Minister Chow Kon Yeow.
Jeffary said out of 112,083 employers registered across the northern region, 43,042, or 38 per cent were from Penang.
"From this number, 32 employers will be crowned as the Best Employers in Penang for 2024 this afternoon.
"The selection of EPF's Best Employer is based on established criteria and is measured through the efforts, cooperation, and initiatives of employers in helping EPF achieve its goal — to build a better retirement future for the people of Malaysia, especially for those in Penang," he said.
Penang is also a pioneer in supporting i-Suri contributions, having contributed over RM2 million to i-Suri members and provided RM19.5 million in government incentives.