KUALA LUMPUR (June 9): Employee Provident Fund (EPF) announced that it received a total of MYR 25.83 billion in contributions for the first quarter ended 31 March 2023 (Q1 2023) Did. This is the highest amount ever for a quarter.
On an annual basis, EPF said RM25.83 billion was higher than RM21.55 billion in the first quarter of 2022. Both quarters’ contributions surpassed the pre-pandemic Q1 2019 level of RM19.17 billion.
In a statement on Friday (9 June), the pension fund announced that it had registered 116,423 new members, bringing the total number of EPF members to 15.79 million as of March 2023.
Of these, a total of 8.45 million are active members, representing 50% of Malaysia’s current workforce of 16.81 million, according to the EPF. “Active Member” refers to a Member who has contributed to her at least once in the last 12 months.
It also said there was a significant increase in new employer registrations of 24,281 during the same period, bringing the total number of employers registered with the EPF to 595,730.
The report said, “With the steady recovery of labor market conditions in Malaysia and continued policy support, the EPF has achieved a better record in the ratio of active to inactive members, with 51:51 in the first quarter of 2022: It jumped from 49 to 53:47 in the first quarter of 2023.”
EPF Chief Executive Officer Datuk Seri Amir Hamza said despite increasing membership and improving labor market conditions, Malaysian workers are still not covered by any social protection. Said the fund remains concerned about the future well-being of more than 40% of the force. .
“To address this issue, the EPF is taking steps to strengthen the security of the domestic workforce through the i-Saraan. It’s designed to help you save for retirement,” he said. .
Based on EPF data, i-Saraan recorded 62,952 new registrations through Q1 2023, increasing the total number of i-Saraan members to 997,659, a 67% increase from 598,874 in Q1 2022 Did.
EPF Eyes Investments in Sectors Recovering from COVID-19 Pandemic
EPF also announced on Friday that its investment income for the first quarter of fiscal year 2023 was MYR 15.16 billion, up 3% year-on-year from MYR 14.77 billion previously.
The EPF said it believes there are still high-performing sectors that the fund can capitalize on and will not let up.
Amir said it is essential to consider broader market developments to comprehensively improve the EPF’s prospects for providing consistent dividends to its members.
In the remaining quarters, the EPF will focus on industries and sectors that are expected to recover three years from the pandemic, which will boost labor demand, he added.
Amir said EPF will continue to enhance its capabilities not only to improve portfolio performance but also to meet the evolving needs and expectations of its members and employers.
“This commitment has been the engine of our sustained performance and continues to guide us in our long-term strategic asset allocation, which has enabled us to achieve our mission and strategic objectives.” said.
EPF records investment income of MYR 15 billion in Q1 2023, up 3% year-on-year