Malaysia targets 60% of EPF members to reach RM390,000 savings by 2030

Malaysia aims to increase the number of Employees Provident Fund (EPF) members reaching the RM390,000 basic savings benchmark by age 60 from the current four in ten to six in ten by the year 2030.

Prime Minister Anwar Ibrahim noted that while progress has been made, many Malaysians face the risk of outliving their savings during retirements that may last 20 to 25 years. He emphasized that retirement security must be addressed through a combination of decent work, consistent income, and a synchronized wage agenda to ensure long-term financial capacity.

Addressing the challenges of an aging population, the Prime Minister highlighted that the country must confront the reality of longer life expectancies. He noted that while life expectancy is rising, the period of healthy life does not always increase at the same rate, necessitating more robust social protection and retirement income adequacy frameworks.