EPF dividend: Conventional savings 5.5%, syariah savings 5.4% assures workers for old age savings’ growth

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KUALA LUMPUR: The Employment Provident Fund (EPF) has announced the distribution of dividend for 2023 is 5.5 per cent for conventional savings and 5.4 per cent for syariah savings.

Chief Executive Officer (CEO) of EPF, Ahmad Zulkarnain Onn said, the figure involves a distribution of RM50.3 billion for the conventional while RM7.5 billion for the syariah.

He added, EPF’s commitment is to defend for strong dividend that will give workers assurance on their savings growth in the long term especially for the old age savings.
“This is to ensure that every contributor has a total savings of at least RM240, 000 when retired..

“On behalf of the workers, we would like to record our appreciation and congratulation to the management of EPF that always ensure the increase of dividend every year and owns and economic scale that is more sustainable with assets totalling RM1.1 trillion under the management of AUM and it makes EPF remains as the biggest investor in the domestic market,” he said.

Meanwhile, the President of the Malaysian Trade Union Congress (MTUC), Mohd. Effendy Abdul Ghani said, he welcomes EPF’s announcement as it gives strong confidence to the employees on the performance of their investment in the retirement savings.

“It also indicates a stable and improving economic growth. The increase in the syariah savings dividend to 5.40 per cent compared to 4.75 per cent in 2022 would attract more contributors to choose syariah savings in the future.

“We believe a stable economic growth will further increase employment opportunities and indirectly increase the number of EPF contributors which we see in 2023 has increased while production has reached the pre-epidemic levels,” he said in a statement. –Malaysia World News


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