Nearly 40pc of EPF contributors now meet basic retirement savings target, Parliament told
KUALA LUMPUR, July 6 — Nearly 40 per cent of Employees Provident Fund (EPF) contributors aged between 18 and 60 had achieved the retirement savings target policymakers estimate is sufficient to support a “basic” retirement lifestyle as of May this year, Deputy Finance Minister Liew Chin Tong told the Dewan Rakyat today.
“As of May 31, 2026, a total of 3.04 million formal active Malaysian members aged between 18 and 60, or 38.3 per cent of the total 7.94 million members in that category, have achieved the Basic Savings target by age, which is RM390,000 at age 60,” Liew said during Question Time.
“This is a clear and encouraging increase compared to the 35.0 per cent or 2.71 million out of 7.74 million formal active Malaysian members aged between 18 and 60 who achieved the Basic Savings target by age as of May 31, 2025.”
Liew attributed the increase to measures introduced by the EPF over the past few years, including expanding channels for voluntary savings top-ups, which he said had directly helped raise members’ retirement savings.
He said savings adequacy is measured based on whether contributors have achieved the Basic Savings target for their respective age group.
Meanwhile RM46.3 million in retirement savings has been transferred under the i-Legacy programme designed to help younger family members build their financial safety net since its February launch, Liew told Parliament.
The i-Legacy programme is an inter-generational financial security initiative designed to help the “sandwich generation” by allowing older, financially secure EPF members to transfer a portion of their surplus retirement savings directly into the EPF accounts of their younger, immediate family members.
Liew told Parliament that 63 applications have been approved under the scheme so far, benefiting 86 recipients.
