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+--- Thread: 32% of EPF contributors have only RM1,000 in Account 1, says Tengku Zafrul (/thread-299.html)
32% of EPF contributors have only RM1,000 in Account 1, says Tengku Zafrul - superadmin - 11-09-2020
PETALING JAYA: Some 32% of Employees Provident Fund contributors (EPF) have a balance of around RM1,000 in their Account 1, Finance Minister Tengku Zafrul Aziz has revealed.
In an interview on TV3 last night, Tengku Zafrul also said 10% have a balance of around RM5,000 and below in their Account 1.
Speaking on the issue of EPF withdrawals, he said there was a need to find a long-term solution for contributors as the data showed that 42% of contributors have around RM5,000 or less in their Account 1.
“This is a structural issue which needs to be resolved because social safety nets are important, the government has to think in the medium and long term.”
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