Kuala lumpur: A total of 63 applications under the Employees Provident Fund (EPF)'s i-Legasi initiative have been approved so far, involving the transfer of RM46.3 million in retirement savings to 86 beneficiaries. Deputy Finance Minister Liew Chin Tong stated that the initiative, introduced on February 1 this year, allows EPF members aged 55 and above with retirement savings exceeding the Adequate Savings benchmark of RM650,000 to transfer part of their savings to the EPF accounts of eligible immediate family members.

According to BERNAMA News Agency, Liew highlighted that the initiative has effectively improved members' savings levels, with savings adequacy assessed based on the Basic Savings target achievement according to the prescribed age. During the question-and-answer session in the Dewan Rakyat, Liew was responding to a query from Datuk Seri Aminuddin Harun (PH-Port Dickson) regarding the government's measures to ensure Malaysians have adequate retirement savings and income, particularly EPF members, amid the rising cost of living and Malaysia's transition towards an aged nation by 2030.

Elaborating further, Liew mentioned that as of May 31, a total of 3.04 million active Malaysian EPF members aged between 18 and 60, or 38.3 percent of the 7.94 million members in that age group, had achieved the Basic Savings target for their respective age, set at RM390,000 by the age of 60. This marks an increase from 35 percent, or 2.71 million members, recorded as of May 31, 2025.

According to Liew, the government and the EPF plan to continue their collaboration in formulating comprehensive policies and financial mechanisms. These efforts include enhancing contribution incentives and social protection to improve retirement savings adequacy and secure the future financial well-being of EPF members.