00:00The voluntary contribution for savings and top-up scheme for EPF members attracted some
00:0613 billion ringgit last year, which an official says shows the public's confidence in keeping
00:12their money with the statutory body.
00:15Speaking to FMT, the official said over 1.6 million members opted to save their money
00:20in EPF instead of banks, presumably because of the much higher and consistent dividend
00:25rates over the last couple of decades.
00:28The contributions involved 1.2 million members and another 400,000 via the ISARAN scheme,
00:35a voluntary contribution for self-employed persons and casual workers without fixed income.
00:42Contributors under ISARAN will receive a special incentive of 20% up to a maximum of 500 ringgit
00:48from the government for their total voluntary contributions.
00:53The official said 70% of members did not touch their funds in the flexible account, which
00:58allows them to withdraw any amount at any time.
01:01About 3 million members who have reached 55 and are eligible to withdraw their entire
01:06savings are still keeping their money with EPF given the better returns and security,
01:11the official said.
01:13He said this shows that Malaysians are taking their EPF savings seriously, adding that awareness
01:17of the advantages of voluntarily saving with EPF is catching on.
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