Epf Basic Saving 2019

The amount will be set as the minimum target epf basic savings members should have upon reaching age 55.

Epf basic saving 2019. The employees provident fund epf is revising the quantum for basic savings from the current rm228 000 to rm240 000 effective jan 1 2019. To try to avert a retirement crisis the employees provident fund epf has increased the minimum savings of its members at age 55 from rm196 800 to rm228 000. The epf basic savings quantum is revised periodically according to the minimum pension for public sector employees or every three years whichever earlier with the last revision having taken effect in 2017. New basic savings quantum begins january 2019 epf announces that the quantum for the basic savings will be revised from the current rm228 000 to rm240 000 effective 1 january 2019.

The minimum savings have been adjusted every three years to reflect the rising inflation. In view of exceptional circumstances arising out of covid 19 the agenda regarding interest rate was reviewed by the central board and it recommended the same rate of 8 50 to the central. The amount will be set as the minimum target epf basic savings members should have upon reaching age 55 the pension fund said in a statement today. The latest epf basic savings will take effect on january 1 2019.

The quantum for the basic savings will be revised from the current rm228 000 to rm240 000 which is the minimum target epf basic savings members should have upon reaching age 55. The employees provident fund epf will be revising the quantum for basic savings from the current rm228 000 to rm240 000 effective jan 1 2019. The employees provident fund epf has increased its basic savings quantum to rm240 000 effective jan 1 2019. The rate of interest given by the government on epf corpus of beneficiaries is decided by the government every year.

The quantum for the basic savings will be revised from the current rm228 000 to rm240 000 the minimum target epf basic savings members. This amount which was set at rm228 000 previously is the minimum amount of savings members should have upon reaching age 55. The basic savings represents the amount considered sufficient to support epf members basic needs for 20 years upon retirement at age 55. The latest epf basic savings will take effect on jan 1 2019.

The new quantum is benchmarked against the minimum pension for public sector employees.