EPF Targets Higher Retirement Savings Adequacy by 2030
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The Employees Provident Fund (EPF) aims to increase the number of members achieving the Basic Savings target of RM390,000 by the age of 60 from the current 40% to 60% by 2030. Prime Minister Datuk Seri Anwar Ibrahim emphasized the need to focus on retirement income sustainability, not just savings accumulation. EPF initiatives like i-Saraan and i-Emas provide structured pathways for self-employed individuals and monthly payout options respectively. The fund also introduced the Retirement Adequacy Framework (RAF) to set clear benchmarks for Basic, Adequate, and Enhanced Savings. EPF's shift towards income sustainability has shown positive results, with a 3% increase in members meeting the age-based Basic Savings benchmark within a year.
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